|Madison Street across from FSU's Doak Campbell Stadium|
|Alan Hooper at 954-761-8439 or [email protected]|
Though many are looking forward to the opening of CollegeTown, some feel that this large financial investment is inappropriate and irresponsible during challenging economic times, particularly given the years of budget cuts to the university, and are concerned that the developer doesn't have any equity invested in the project. Find a discussion on this controversy - add your own information, contribute to a pro/con list, even write your own op-ed - HERE.
- 5.74 acres on west Madison Street at Woodward Avenue
- estimated $27 million needed to get the job done (eligible for federal tax credits due to development of "blighted" area of town)
- mix of retail, restaurant and entertainment space with apartments on the upper floors
- driven and backed by Seminole Boosters
- head developer is Alan Hooper, owner of Hooper Construction, Inc. and FSU grad
- scheduled to be completed by fall 2013
The mix of financial investors that have their hands in the deal include two community development entities (CDF Development Subsidiary VIII LLC and Capital Trust Agency CDE Sub 5 LLC), a private investment group that several Seminole Boosters are invested in personally (Ten G & G LLC), and a subsidiary of the Seminole Boosters created for this project (T’Alley Properties LLC). The Seminole Boosters swapped an FSU parking lot on West Madison Street for the Morgan Electric property on Crate Street to secure the full stretch of acreage in the development plans.
Goals of the Development:
- College Town will extend the revitalization of downtown all the way to the FSU campus.
- The new shopping, dining and entertainment opportunities could attract more Seminole football season ticket holders.
- The new close-to-campus businesses will provide a local economic boost largely in the form of student employment and tax dollars.
- The development's offerings and atmosphere could help better tie the university to the local community.
- FSU officials say it will help with new-student retention and faculty recruitment.