On Tuesday, the Tallahassee Community Redevelopment Agency (CRA) voted 5-0 to authorize staff to execute a memorandum of understanding to facilitate a $7 million loan for a 300-unit workforce housing development to be constructed downtown.
The agreement is with Global City, a real estate development organization that has completed a number of similar projects in the southeastern United States.
The application submitted to the CRA includes details for the construction of a 7-story, 300-unit development of workforce housing at 309 West Tennessee Street. Based on the conceptual layout, the development would consist of 10,000 square feet of ground floor retail, and a parking garage.
The mix of apartments would include 100 studio units, 100 one-bedroom units, and 100 two-bedroom units. The studio units are expected to average 400 square feet, the one-bedroom units would average 700 square feet, and the two-bedroom units would average 1,100 square feet.
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