It's Just Business



New Eateries Abound

▪ A Pollo Tropical has been built on the nearly one-acre parcel formerly the site of an ABC Liquors store. There is a Pollo Tropical in the Florida State University campus food court, but this will be the restaurant’s first stand-alone location in Tallahassee. The Miami-based company is known for its signature citrus-marinated chicken grilled over an open flame. There are currently more than 130 Pollo Tropical restaurants throughout the U.S.

▪ A component of the Magnolia Walk development, the brand new, $1-million Buffalo Wild Wings restaurant will be situated on 4.12 acres on the southwest corner of South Magnolia Drive and Governors Square Boulevard, across the street from former Boston Market Restaurant. 

BJ’s Restaurant and Brewhouse has opened on a 1.95-acre out parcel at the former K-Mart shopping center on Apalachee Parkway directly across from Governor’s Square mall. Construction of this new-to-market franchise restaurant is currently valued at $1.2 million. 

Muscle Maker Grill is coming to the University Village at the corner of West Pensacola Street and Ocala Road. This new-to-market nutritious alternative to fast food restaurants was founded in 1995 by New Jersey native Rod Silva. The restaurant will be located adjacent to Gold’s Gym where Rita’s Ice used to be.            

 

Governor’s Square Mall Courtyard Gets a Facelift

Visitors at the Governor’s Square mall are enjoying a fully renovated courtyard. Originally built in 1979, the mall also saw an expansion in 1993. The fountains have been converted into floor space, with a revised design to allow better pedestrian flow from the mall’s four department store wings. Sophisticated lighting and flooring, new paint and additional soft seating areas, along with specialty retail vendors and an updated holiday décor display have breathed new life into the space — with improvements valued at around $525,000. “We take pride in being a great shopping destination in the market,” said Eric Litz, general manager of Governor’s Square. “We are constantly striving to enhance the shopping experience by creating a customer-friendly environment and providing the most sought-after fashion retailers and restaurants.”

Also at Governor’s Square, JCPenney is adding yet another component with the addition of Caribou Coffee. Part of a corporate transformation at the department store, this shop joins Sephora and the recently announced Joe Fresh. Caribou Coffee is a new-to-market brand and could be the first in Florida. The company is headquartered in Minneapolis, Minn. 

 

All statistics listed below pertain to sales in August 2013 and are provided by the Tallahassee Board of Realtors, Florida Realtor and the National Association of Realtors. 

LEON COUNTY

Leon County closed 272 single-family home sales — 49 of which were paid in cash. 211 were traditional sales, 42 were foreclosures and 19 were short sales.

On average, Leon County’s closed single-family home sales received 94.3 percent of their original list price.

The median sale price for single-family homes in Leon County was $195,750 — a 19.4 percent increase over last August.

Single-family home inventory (active listings) in Leon County dropped by 3.7 percent between August 2012 and 2013.

FLORIDA

Florida closed 20,933 single-family home sales — 8,700 of which were paid in cash. 14,752 were traditional sales, 3,579 were foreclosures and 2,602 were short sales.

On average, Florida’s closed single-family home sales received 94.3 percent of their original list price.

The median sale price for single-family homes in Florida was $175,000 — an 18.6 percent increase over last August. 

Single-family home inventory (active listings) in Florida dropped by 23.4 percent between August 2012 and 2013.

NATIONAL

Nationally, total housing inventory increased 1.7 percent to 5.48 million existing homes for sale.

The national median existing-home price for all housing types was $212,10014.7 percent higher than a year before. 

The national median time on the market for all homes was 43 days.

Compiled by Chay D. Baxley

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