Downtown Tallahassee condo sells at a snail’s pace

Buyers have purchased 96 of the 202 units at Plaza Tower since 2009

Miami /
Nov.November 25, 2017 04:50 PM

Plaza Tower condominium in Tallahassee

About half of the units in a high-rise condominium in downtown Tallahassee have been sold since it was built nearly a decade ago, but the slow sellout has gained some momentum in recent years.

Leon County property records show that 96 of the 202 units at the 22-story Plaza Tower condominium have been sold since 2009, including 69 since 2014 and 14 so far this year. No units were sold from 2010 through 2012.

Two non-residential tenants are improving the property’s prospects. Meenen Law Firm has completed $1 million of renovations of its ground-floor space, and the brunch and breakfast restaurant is opening there soon.

Miriam Nicklaus, president of the Tallahassee Board of Realtors, told the Tallahassee Democrat that eight units at the Plaza Tower have been sold in the last six months and “it looks like they are selling again.”

Unit owners at the Plaza Tower include state senator Lauren Book, a Democrat from Plantation, and her father, lobbyist Ron Book.

Construction of the Plaza Tower began in 2008 amid a national crash in the housing market. The developer, Kleman Plaza LLLP, later lost the property in a foreclosure action to lender 300 South Duval Associates, whose managing member is Union Labor Insurance Co. The final judgment in the foreclosure case in favor of the lender was $64.5 million. [Tallahassee Democrat] — Mike Seemuth


Related Articles

arrow_forward_ios
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
Here’s what Mast Capital plans for La Costa’s evacuated, oceanfront Miami Beach site
Here’s what Mast Capital plans for La Costa’s evacuated, oceanfront Miami Beach site
Here’s what Mast Capital plans for La Costa’s evacuated, oceanfront Miami Beach site
La Costa condo building and Mast Capital Princial Camilo Miguel Jr (Mast, Douglas Elliman)
Oceanfront Miami Beach condo ordered evacuated following bulk buyout deal
Oceanfront Miami Beach condo ordered evacuated following bulk buyout deal
Elizabeth “Bess” Weatherman and the Gulf Stream condos (Compass, Warburg Pincus)
Staying in Gulf Stream: Buyer downsizes to $6M oceanfront condo
Staying in Gulf Stream: Buyer downsizes to $6M oceanfront condo
James "Jimmy" Finkelstein and Pamela Gross with 622 North Flagler Drive, West Palm Beach (Getty, Modern Living Group)
Media power couple buys West Palm Beach condo for $6M
Media power couple buys West Palm Beach condo for $6M
(Getty)
Surfside collapse a “come to Jesus moment” for South Florida’s condo market
Surfside collapse a “come to Jesus moment” for South Florida’s condo market
Jonathan Cox and Faena House at 3315 Collins Avenue, Miami Beach (Federated Companies, Foster and Partners)
Federated Companies developer buys Faena House condo for $6M
Federated Companies developer buys Faena House condo for $6M
Royal Palm Companies's Dan Kodsi, OneWorld Properties's Peggy Olin and a rendering of Legacy Hotel & Residences
Selling out: South Florida condo developers report feverish market
Selling out: South Florida condo developers report feverish market
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...