By TaMaryn Waters
North American Properties — the developer behind the largest redevelopment in downtown Tallahassee’s history — isn’t moving forward with Phase II as planned.
The effect of the COVID-19 pandemic and cost overruns for Phase I prompted NAP to press the pause button.
Last year, Cincinnati-based NAP finished Phase I with the completion of the AC Hotel by Marriott Tallahassee Universities at the Capitol and Millstream at Cascades, a 161-unit luxury apartment building overlooking Cascades Park and panoramic views of downtown.
Phase II plans call for apartments and townhouses behind the Millstream, along with an adjacent nine-story building (the same height as the hotel) and another pad for a six-story building.
Another reason for the holdup: the 4Forty North mixed-use redevelopment that’s under construction on North Monroe Street.
The $69 million redevelopment of the Envision Credit Union’s former flagship location is building roughly 250 apartments and 13,690 square feet of commercial space. It will soon compete with the new luxury apartments at Cascades.
“I leased up very well and very quickly, but I can’t count on that happening again because the demand was pent up,” said Shawn McIntyre, NAP’s managing partner for Florida.
“We have a good asset performing in Cascades, and we’re going to ride the market a bit and see what happens.”Read the full story at https://tallahassee.com