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504 Loan Electrifies Public/Private Partnership

Sep 2015

One part historical landmark, one part shinning centerpiece of a grand city park redevelopment and one part entrepreneurial experiment. All of these things together make up The Edison, a new breed of restaurant/brewpub in Tallahassee that graces Cascades Park, the city's new 24-acre monument to urbanism.

When the City of Tallahassee was looking for a partner to participate in the renovation of a 95-year-old building that had once served as the first power generating plant in North Florida, a key requirement for any applicant was to have the correct financing package in place.

The city would retain ownership of the land and structure, thereby requiring the lessor to perform all necessary refurbishments to the building. Not an inexpensive proposition as the historical elements of the building would have to remain intact. First serving as a power plant then a warehouse and finally left abandoned for decades, the site was in need of quite a bit of TLC.

Adam Corey and Ryan Grindler along with a group of investors have stepped in to transform a once maligned eyesore to a destination showplace featuring some of the most innovative cuisine on the Tallahassee gastronomical scene. But before all of the building blocks could fall into place, the group sought the help of Florida First Capital and the Small Business Administration (SBA) 504 loan program.

“This was an exciting and unique project to be involved with. The municipal ownership and long-term lease requirements are really where the 504 Loan Program is indispensable as the program's lease-hold improvement provisions are designed just for these types of transactions,” said James Hosman, Florida First Capital Vice President and Business Development Officer for Northwest and the Florida. “With a total project cost of $3.1 million, the project's virtues really had to shine,” he said

Cascades Park brings together arts, entertainment, education, history and wellness. The park offers a variety of outdoor and recreational amenities, including a state-of-the-art amphitheater.

The Edison, located directly next to the amphitheater, will serve as the hub of social interaction within the park. While the main focus is providing an upscale dining experience in the main dining room that is not the only outlet for patrons to enjoy at The Edison.

Downstairs and open to the beautiful views of the park is the Power Plant Café, offering a bistro environment with outdoor seating for a casual experience. Located on an outdoor terrace upstairs is an open bar/lounge that provides unequalled views of the park while providing imaginative libations that include local brews.

The restaurant also features an event room, a private dining room and Tallahassee's only Chef's table directly in the middle of the hustle and bustle of the main kitchen, truly a sight to behold!

Visit The Edison on online at www.edisontally.com.

For more information about SBA 504 loans in Florida,contact a Florida First Capital Loan Officer hereor email us atinfo@ffcfc.com. Phone: 850.681.3601 or toll-free at 888.320.5504.