On Wednesday the Tallahassee City Commission will consider releasing an Invitation for Bids (IFB) for the sale of the Northwood/Enterprise parcel (1.68 +/- acres). The parcel, which was acquired in May of 2019 as part of the Northwood Centre purchase, was appraised in October of 2019 for $525,000.
The property has frontage on both N. Martin Luther King, Jr. Boulevard and W. Tharpe Street. A 1.33-acre portion of the property is under a ground lease to Enterprise Leasing for $12,240 per year. Enterprise Leasing has options to continue the ground lease until 2034 with 2% increases in rent every two years. In addition, Enterprise Leasing has a right of first refusal of any offer to purchase all or any part of the Northwood/Enterprise parcel during the term of its lease.
The remaining 0.35 acres is improved with a 2,407 square-foot office building that is not currently occupied.
According to city documents, the property is in the Activity Center (AC) zoning district, within the Multi-Modal Transportation District (MMTD) and could be developed independently or assembled with adjacent parcels.
City staff anticipates prospective demand will be from adjacent property owners. The AC zone allows a broad range of uses, including types of residential, community services, retail, office, restaurant, recreation, cultural venues, and services.