Railroad Square\u2019s continued existence as a Tallahassee art park and commerce hub remains uncertain. Staff at the Southside Community Redevelopment Agency are recommending not purchasing the parcels. However, backers of the art park are quickly trying to formulate an alternative plan.<\/p>\n
Longtime tenants like the Mickee Faust Club and 621 Gallery are trying to develop a public-private ownership model where the CRA would subsidize a downpayment to sell the park to the group\u2014along with funding needed repairs. During a Tuesday meeting, an advisory committee to the CRA agreed with that idea while also siding with a staff recommendation not to purchase any part of the park.<\/p>\n
Absent from that community advisory meeting were Railroad Square\u2019s owners, who\u2019ve pushed the CRA for a quick decision on whether to purchase some or most of the property. That absence was noted by several members who found it problematic as the tenant’s group made their pitch for time to gather up a purchase proposal.<\/p>\n
“I don’t understand why the Kaye family has not been here,” said board member Cheryl Collier-Brown. “Two, we don’t know who are the [other] private investors. I need more information.”<\/p>\n
An independent analysis found the highest, best use for the land is a mixed-use development with a focus on young professionals and college students with some commercial space. At least one developer, said an advisory committee member, is interested in purchasing a portion of the park.<\/p>\n
In May, tornados ripped through Railroad Square resulting in heavy damage to roofs. Some buildings were torn down and others are slated for demolition. Second-generation owners Adam and Lilly Kaye announced publicly that they needed a government intervention or would have to sell the land potentially to developers. During Tuesday\u2019s CRA advisory board meeting, members learned the asking price\u2014$11 million\u2014is nearly twice the $6.5 million appraised value of the property.<\/p>\n
\u201cThe CRA should not own Railroad Square whatsoever,” said board member and local business owner Bugra Demirel, who has in the past received funding from the CRA. “Especially with this inflated asking price. It\u2019s almost double[ing] the value,” he said, while also noting that he agrees with the idea of a public-private partnership.<\/p>\n
An independent evaluation released a week ago came along with a staff recommendation that the CRA not buy any part of the property due to issues with the age of the buildings, problems with maintenance, the high cost of insurance and concerns about having to manage the leases. Many are on month-to-month contracts.<\/p>\n
The conversation between the Railroad Square tenants and the CRA is separate from the owners\u2019 request that the CRA decide whether to buy the property. It also doesn\u2019t stop the owners from selling to another entity.<\/p>\n
The issue next goes to the full board for consideration later this month.<\/p>\n
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