Golf Outing Tickets

The Real Deal Miami

Downtown Tallahassee condo sells at a snail’s pace

Buyers have purchased 96 of the 202 units at Plaza Tower since 2009
November 25, 2017 04:50PM

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