Tallahassee CRA grants extension so developer can obtain permits for $88.4 million economic-impact project

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tallahassee project rendering

Tallahassee’s Community Redevelopment Agency (CRA) has granted an extension to 4Forty North because one of the city’s largest downtown redevelopment projects  needs more time to secure permits before construction can begin.

Colorado-based Charles Street Investment Partners LLC requested and received a second amendment to its development agreement with the CRA, the Tallahassee Democrat has reported.

The mixed-use development project will span an entire city block and is estimated to bring an economic impact of $88.4 million.

The developer received a six-month extension to secure permits and begin construction and an 18-month extension to complete the work. Construction should start by June  2021

“However, no one can predict the impact of the pandemic so the developer is requesting a little longer than may be actually needed,” Charles Gardner, a Tallahassee attorney representing the developer wrote in an Oct. 20 letter to the CRA.

Along Monroe at South Courtyard Connection

Gardner said the coronavirus pandemic impacted his client’s ability to obtain necessary permits and its Housing and Urban Development loan.

In April, the CRA approved the first amendment that mandated construction to begin in December. A conditional site plan approval was granted in July, followed by final site plan approval this month.

Wayne Tedder, assistant city manager and interim CRA director, said the CRA’s funding agreement with the developer requires all site plan and environmental permits to be approved before construction begins.

“They are getting very, very close but they’re not quite sure if they’re going to get all of their permits by the end of December,” Tedder was quoted as saying. “It’s a full city block and a very complex process.”

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