[ad_1]
TALLAHASSEE, Fla. (WCTV) – A secret group of investors, a cohort of local artists and city commissioners are continuing discussions about what it will take to maintain the Railroad Square Art District.
The art district’s future has been uncertain since August after owners Adam and Lily Kaye asked the Community Redevelopment Agency to buy Railroad Square when they said it was no longer sustainable for them to maintain sole ownership.
Artists and some on the city commission worry the art district might be sold and turned into student housing or other high-rise developments.
The CRA voted against the local government owning the art park directly, but they’ve signaled a willingness to fill gaps in funding.
More Tallahassee news:
At a Community Redevelopment Agency (CRA) meeting on Thursday, three out of five city commissioners voted for the CRA to remain engaged with the Railroad Square Revitalization Cohort and a secret investment group that offered to buy the art district to understand how many tax dollars the CRA may have to spend to maintain the art district.
The mysterious group of investors offered to buy Railroad Square for the appraised “value in use” price of $6.4 million and expressed interest in maintaining the artistic vision of Railroad Square. The Kaye family rejected the offer, writing via an email they believe the property is worth $10 million and the CRA appraisal, “unvalues Railroad Square’s property based on low market rental rates.”
In other words, the art district is worth about $6 million today, but would be worth up to $10.6 million to a developer if they could demolish buildings and build residential buildings.
Some commissioners expressed interest in helping the investors make up the funding difference, but there’s not a large appetite to fund a $4 million difference. The CRA’s executive director Stephen Cox said if the CRA cuts a check for the $4 million difference, other projects funded by the CRA elsewhere in the city would need to be paused.
Lily Kaye said the family intends to maintain at least one-third of Railroad Square as an art district even if the other parts are sold to a developer, and the $10.6 million value does not include the one-third the family would retain.
The official Railroad Square Art District Facebook account posted a lengthy Facebook post on Friday evening, addressing “confusion and inaccuracies” surrounding current “charged political issue(s)” surrounding Railroad Square. That post can be found below.
The CRA is legally separate from the City of Tallahassee, though the same five commissioners who run the city also run the CRA. Recently, Commissioner Jeremy Matlow suggested it may be time for the city to get directly involved in saving Railroad Square, as he believes a dying art district is a sign of a dying city.
Mayor John Daily questioned the Kaye family in Thursday’s meeting, saying if they do not want to maintain the art district, they should take the investment group’s $6 million offer to maintain the arts at Railroad Square.
“If they are simply rejecting because of a $4 million difference, that sends a clear message to me that it’s not necessarily about the arts district, it’s about the money,” the mayor said.
In the Facebook post published by the Railroad Square Arts District, they addressed the mayor’s remarks.
“He stated that if we were not willing to entertain the offer, it was a demonstration of our “true colors” – a personal attack that is extremely disappointing to receive after having provided Tallahassee with an Art District for over 20 years.”
Commissioner Richardson said he wants the CRA staff to keep working with the Kaye family, the cohort of artists and the secret investment group. But he doesn’t want to pause any other CRA projects just to make up a funding difference. Richardson was the swing vote yesterday.
Artists who currently own businesses in the art district feel stuck in the middle between the CRA, run by the five city commissioners and the Kaye family.
“We will have to take that on a case-by-case basis, but it should be made clear that if there isn’t enough to be made in art district, then there just isn’t enough to be an art district,” Josh Johnson, a Railroad Square supporter said.
Terry Galloway, another Railroad Square supporter said she’s encouraged by the feasibility study because it allowed the group of artists, known as the cohort, to evaluate the positives and negatives of the property.
“I’m really proud of the cohort because we keep listening and we are flexible, but we’re also steadfast. We want an art district,” Galloway said.
Galloway and Johnson said the cohort will look for further funding to come closer to the Kaye’s $10 million asking price.
And if they fall short, they hope the commissioners will consider chipping in money to fulfill a smaller shortfall.
To stay up to date on all the latest news as it develops, follow WCTV on Facebook and X (Twitter).
Have a news tip or see an error that needs correction? Write us here. Please include the article’s headline in your message.
Keep up with all the biggest headlines on the WCTV News app. Click here to download it now.
Copyright 2025 WCTV. All rights reserved.
[ad_2]
Source link