South Monroe (SoMo) Walls Project

Hello Tallahassee Friends and Neighbors,
 

As we say hello to 2024, I want to take a moment to reflect on the challenges, milestones, and shared moments that defined the past year as a demanding chapter for the South Monroe Walls project.
 

• Rising Construction Costs: The escalating costs within the construction industry have undeniably cast a significant impact on our development. Materials, labor, and associated expenditures has compelled us to reassess certain design elements and our budgetary allocations through value engineering. This resulted in a setback for our project, extending the timeline by 3 to 4 months.
   

• Another Round of Pricing and Permitting: The adjustments made to our plans, as a result of value engineering efforts, prompted the re-pricing of the remaining scopes and initiated a new round of permitting with the City of Tallahassee. This extended the delay by an additional 6 to 8 weeks.

• Office of Economic Vitality (OEV) Funding: In September, our project applied for the OEV's Non-Competitive Economic Development Project Funding program, aiming to secure grants and bridge the funding gap as our project cost approached nearly $11 million. We submitted an extensive package comprising over 500 pages of supporting documents, plans, and projections to demonstrate our project's eligibility for this program. Following a thorough evaluation, our project achieved an impressive score of 93 out of 95 on the grading chart. As a result, the Blueprint Intergovernmental Agency approved to provide $759,289.16 in economic development grants, and an additional $1,000,000 in recoverable construction grants with a repayment scheduled in 2027. This paved the way for us to complete our project while ensuring the project's successful alignment with our original vision, and more. 
   

• Minority, Women, & Small Business Enterprise Participation: By December 2023, all contracts related to the Site and the Building Construction (Shell) have been successfully awarded before transitioning each unit to the tenants. We are currently in the process of preparing an analysis to share with OEV. Stay tuned for an exciting announcement on this topic.

   

As we set our sights on the upcoming year, our team is thrilled to unveil our progress and engage you in exciting concepts and initiatives that will be featured in South Monroe Walls. Here's a glimpse of what to expect in 2024:
 

• Projected Completion Date: Navigating the complexities of the modern construction landscape makes pinpointing an exact completion date challenging. Nevertheless, we strive to establish benchmarks and work hard towards achieving them. As of the current moment, we've set a completion target for the South Monroe Walls project at the end of February 2024, excluding tenant build-out considerations. Our ambitious goal is to have a significant portion, approximately 80%, of the businesses within our project up and running by the end of March 2024.

• Tenant Mix: A key focus of the South Monroe Walls project has been securing tenants to offer essential amenities to the surrounding neighborhoods. Staying true to our promises, we are thrilled to announce the upcoming opening of the following businesses in early 2024:

   

  • Suite 6 - Walls Distilling Company (Distillery): Brace yourselves for a fusion of tradition, innovation and modernity. In March 2024, Walls Distilling Company is expected to open its doors as the anchor tenant of South Monroe Walls project.
     

  • Suite 5 - The Monroe (Restaurant): Scheduled for a March 2024 debut, The Monroe will take you on a contemporary culinary adventure. Offering a modern dining experience, paired with delicious cocktails and a spacious patio setting, The Monroe aims to be your go-to local destination.

     

•  

  • Suite 1 - Burn Boot Camp (Fitness): Among the initial tenants to sign their lease, Burn will bring in transformative 45-minute workouts, comprehensive nutritional support, trainer-focused meetings, complimentary childwatch, and the backing of one of the premier fitness communities in Tallahassee.
     

  • Suite 3 - Pizza & Bar: Lease signed, and the build-out is underway! Anticipated to feature both indoor and outdoor spaces, this concept is set to welcome visitors by late March 2024. Stay tuned for additional details.

     

  • Suite 4 - Coffee Tenant: Announcement is coming soon.

     

  • Suite 2: The final available unit. Providing 2,500 SF indoors and 2,000 SF of outdoor space, we are currently in discussions with three distinct concepts—all of which hold great promise for South Monroe Walls. Stay tuned for updates.

• Infrastructure Upgrades: We take pride in announcing that, as of today, our project has successfully concluded all public infrastructure upgrades for the entire block. This comprehensive effort included approximately 1,200 linear feet of sidewalks, enhanced lighting, underground electric and data infrastructure, and the planting of new trees and landscaping features throughout the block.
   

• Arts & Culture: We have allocated a total of 17 areas for murals and contemporary artwork. Construction is currently underway, and the "Call for Artist" process for the rotating canvases is set to commence by late February. If you've submitted an inquiry previously, expect to hear from our team soon. Despite ongoing construction for most art walls, the start of 2024 has seen the debut of two talented artists already: