Tallahassee, Fla. — The $25 million project is part of a redevelopment initiative with the city of Tallahassee.
Tallahassee, Fla. — Chance Partners, LLC, and The Carlyle Group held a groundbreaking ceremony June 29 in conjunction with the Community Redevelopment Agency of the City of Tallahassee for Catalyst, a mixed-use development near Florida State University. The project will include approximately 3,500 square feet of ground-floor retail and a 130-unit student housing project that is scheduled for initial occupancy for fall 2013. It is being constructed on a 2.9 acre industrial site. Capital Advisors arranged $17.66 million in construction financing for the $25 million mixed-use project.
This is the first joint-venture between the two companies. The two firms formed their partnership out of their shared vision for the student-housing sector, according to Judd Bobilin of Chance Partners. "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," Bobilin says.
The Community Redevelopment Agency will make a significant contribution to the project that will strengthen the desirability to live, work and shop in the district. "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, Community Redevelopment Agency of the City of Tallahassee.
"We are pleased to team with Chance Partners, which has a successful track record in the Southgate District adjacent to Florida State University. This development is perfectly suited for the Tallahassee market," says Brian Nelsen, Principal at The Carlyle Group. Catalyst will feature 402 beds with a mix of unit types from one-bedroom up to four-bedroom units.
Each unit type will offer private bathrooms for every bedroom; gourmet kitchens, expansive living areas; hardwood-style flooring; ample closet space and full-size washers and dryers. This student housing community will have a full suite of premium amenities including a large clubhouse, pool, roofdeck, multiple study lounges and a fitness center.