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Mayo StTallahassee, FL 32304
Tallahassee Land Development Site
Asset ClassStudent Housing, Land, Multifamily
Land4.08 Acres
# Units: 203# Stories: 5Access Data Room
Student Housing or Multifamily Development Opportunity Fully Entitled for 203 Units at Florida State University.
overview of deal

Overview

The Mayo Street Development Opportunity is a 4.079-acre site fully entitled for 203 units that will serve Florida State University in Tallahassee, Florida. Located two blocks west of Doak Campbell Stadium off W Pensacola Street is a 13-parcel assemblage zoned University Transition (UT) allowing for 50 units per acre. The assemblage is located along the $1.7M Belle Vue Way Water and Sewer Improvement Project that will upgrade and upsize 4,100 linear feet of existing water main and 3,600 feet of gravity sewer main improving the system capacity. Existing tunnels under Pensacola Street and Stadium Drive provide safe Pedestrian/bicycle/scooter access to campus.

 

The site allows for a 5-story Class A building to be developed atop a site that is over 90 FT higher in grade elevation than its surrounding areas, allowing for no run-through stormwater while providing prime views of Doak Campbell Stadium. Given the by-right entitlements for 203 units, future development is estimated to be up to 700 beds including a parking garage that has been preliminarily laid out and works within the footprint of the development.

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Investment Highlights

  • Fully entitled for 203 units and an estimated 700 beds
  • Located steps from Doak Campbell Stadium and Florida State University campus
  • 4.079 Acre site allowing for a 5-story Class A student housing development
  • Over 43,000 students enrolled at Florida State University for AY 23/24

 

 

Investment Summary

Tallahassee Land Site Development Opportunity
Est. Units
203
Est. Beds
700
Distance to Campus
0.3 miles
Land Area
4.079 acres
Average Student Market $/Bed AY 24/25
$960
Zoning
University Transition / Residential
Avg. Student Housing Wtd. Market Occ. AY 24/25
95.68%
Avg. Student Housing Wtd. Market Prelease AY 25/26
58.42%
Avg. Multifamily Market Rate
855
Avg. Multifamily Year Built
2023
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Mayo StTallahassee, FL 32304
Doak Campbell Stadium
Florida State University
Tallahassee Community College
Florida Agricultural and Mechanical University
State Capitol Building

Sales Team

Greg YoungSenior Vice President(346) 547-4896greg.young@colliers.com
David CortezVP, Transactions(346) 547-4830david.cortez@colliers.com
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