Tallahassee Reports has learned that the new owners of the Florida Homebuilders Association property, located on the southeast corner of Park and Monroe, is seeking $525,000 in tax money through the Community Redevelopment Agency to help fund a proposed development.
The property was purchased by Brian Ballard, CEO of Ballard Partners, and his wife for $3 million back in the summer of 2015.
The parameters provided to CRA staff indicate the project will be a multi-use structure of approximately 57,000 square feet with an estimated value of $20 million.
The project includes a 150-seat upscale dining establishment with an all-season patio and views of the Park Avenue Chain of Parks and an updated, attractive parking garage featuring 82 parking spaces.
The demolition of the existing structure is slated for February 2016, with project completion estimated in September 2017.
The owners, Park Monroe LLC, are requesting grant funds from the CRA in the amount of $525,000.
The applicants informed the City staff that the grant “would help bridge the gap between the appraisal value and total cost for the project. Additionally, it would assist the restaurant’s economic viability by allowing the applicant to subsidize the restaurant lease’s rental terms. Without such subsidy, the economic viability of the first floor restaurant would likely be untenable.”
The request has not yet been set for a vote.