Millstream at Cascades, a mixed-use development in downtown Tallahassee, Florida, was created via a joint venture between city officials and North American Properties with the intention of it becoming the focal point of the city. If this wasn't clear throughout construction, it certainly is after its sale.
North American Properties sold Millstream at Cascades to Becovic Management Group in May 2022 for $95 million. The sale was recognized as the sale of the year for Tallahassee as part of the 2023 CoStar Impact Awards, which were judged by real estate professionals familiar with the market.
The development has 161 multifamily units and a total of 200,000 square feet of gross building area. Apartment units are available for lease at an average rate of $2,175.
Along with the apartments, there is 44,247 square feet of office space, 29,553 square feet of ground-floor retail and 770 structured garage parking spaces. There are an additional three pads available for future development.
In the surrounding community of Millstream at Cascades is an amphitheater, a brand-new park and an AC by Marriott hotel.
About the project: Construction began in July 2018 and concluded in 2021.
What the judges said: "This is a game-changing project for Tallahassee, given the size and quality of the project. The mixture of uses, in concert with the proximity to Cascades Park, makes it one of the most unique and sought-after projects in all of Tallahassee," said Chip Johnson, an appraiser for Cureton-Johnson & Associates.
"The total economic revitalization of this project in Tallahassee has been significant," said Chip Hartung, owner and broker for Coldwell Banker Hartung.
"Beautiful mixed-use project with a mixture of retail, office, hotel and multifamily component to downtown Tallahassee along with creating more job opportunities," said Debbie Ashlin, commercial advisor for NAI TALCOR Commercial Real Estate Services.
They made it happen: CBRE's Michael DiBlasi, Francesco Carriera, Michael Regan, Joseph Ayers, Cliff Taylor and Michael Harrell.
