TALLAHASSEE, FL—In their first joint venture together, Chance Partners LLC of Atlanta and the New York City-based Carlyle Group broke ground recently on Catalyst, a mixed-use project near Florida State University here. The $25-million development will feature 130 student-housing units and some 3,500 square feet of ground-floor retail. Students are expected to move in for the Fall 2013 semester.
Catalyst will sit on a 2.9-acre former industrial site that once housed the old Ro-Mac Lumber & Supply Co. facility. The project complements the ongoing Gaines Street Revitalization plan, which calls for the area between West Gaines Street and the southern boundary of the FSU campus to be made into an urban live/work/shop/play destination center.
Catalyst isn’t the only major student housing community to debut in the district next year—also under way is College Town, a $20-million project of the Seminole Boosters Inc. that will feature 72 student-housing units with 136 beds, as well as over 30,000 square feet of retail, restaurant and entertainment space. The first units are expected to be available in the summer of 2013.
“Catalyst, in conjunction with our efforts at the College Town project, will create the vibrant urban environment envisioned by our Gaines Street Project for this area,” said Michael Parker, executive director of the City of Tallahassee’s Community Redevelopment Agency, which will provide a “significant contribution” to the project.
Chance Partners’ president and CEO, Judd Bobilin, indicated that with all the work happening along the Gaines Street Corridor, he expects the area to be transformed within a year or two. As for his project, he says, “students in Tallahassee will be the first to experience a truly walkable, world-class community that will be noted for its creativity, quality and impact on the revitalization of the Southgate District.” Chance Partners has six other communities in the Southgate District, all within walking distance of FSU.
Carlyle Group principal Brian Nelsen comments that the development is “perfectly suited” for the Tallahassee market. Containing 402 beds, Catalyst will offer units from one to four bedrooms, each with private bathrooms. The project will be comprised of a five-story parking structure and adjacent four-story residence building featuring a 2,000-square-foot deck with large-screen TVs, common space and a view of Doak Campbell Stadium. Individual units will all have gourmet kitchens, large living areas, hardwood-style flooring and full-size washers and dryers. The community will offer such amenities as a large clubhouse, pool, roof deck, study lounges and a fitness center.
Construction financing is coming from Community & Southern Bank and Hathaway Construction with serve as the project’s general contractor. Asset Campus Housing Inc. of Houston will provide management services.
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