On Nov. 10, the City Commission unanimously voted to approve the sale of the 3.46-acre Mahan/Weems property to VyStar Credit Union for $3,500,000.
VyStar Credit Union is looking to build a two-story building to serve as its branch location in Tallahassee. The branch is expected to create up to 50 new jobs. The net proceeds from the proposed sale will be $3,500,000 minus the brokerage commission, appraisal and closing costs, and it will be deposited in the deficiencies reserve fund.
The Mahan/Weems property was part of an 11.99-acre property purchase by the City of Tallahassee in 2016 for the construction of the Weems Road extension for $3,450,000. The roadway extension was completed using only a portion of the 11.99-acre property, and the City planned a future sale of the remainder of the property to recover some of the initial acquisition cost.
In May 2020, the City planned this sale and, with help of a brokerage team and the Real Estate Committee, marketed the Mahan/Weems property and conducted a competitive bid. The City received 10 offers from developers. The offer plans included a carwash, a convenience store with fuel service, a childcare center, retail/restaurant plans and two credit unions. The bid offers ranged from $2,200,000 to $3,500,000, the highest bid belonged to VyStar Credit Union.
The City advanced negotiations with VyStar Credit Union and stressed their concern to preserve a large live oak tree located on the property along Mahan Drive. VyStar consulted with their engineers and provided an updated conceptual site plan that protects the tree.