Chance Partners Teams with Carlyle Group on Mixed-Use Development at FSU
- Jul 10, 2012
Tallahassee, Fla.—Chance Partners LLC and The Carlyle Group have begun construction on the Catalyst, a mixed-use development that sits a few blocks from Florida State University.
“We came together earlier this year and after a thorough review, [Carlyle] decided this was a great fit for what they wanted to do, and it’s a perfect fit for what we do, which is all infill development,” Judd Bobilin, Chance Partners’ president, tells MHN. “We are in partnership with the Community Redevelopment Agency of the City of Tallahassee in this old industrial area that has been redeveloped.”
When completed, the project will include approximately 3,500 square feet of ground-floor retail and 130 units of student housing on 2.9 acres that was once a lumberyard.
Catalyst will feature 402 beds with a mix of unit types consisting of a range from one-bedroom units 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.
“Inside the project as a whole, we have an 80-foot wall pool with a waterfall, a rooftop deck that will look over at the football stadium, study rooms, an Internet café and a very unique open club room,” Bibilin says. “Our ground level units have 12-foot ceilings and on the fourth level, they have vaulted ceilings, with 9-foot ceilings in between.”
Chase Partners has done about $25 million in development in the FSU area already, with projects consisting of anywhere from 12 beds to 92 beds on different size parcels.
“Our motto as a corporation is ‘Changing the world one building at a time,’ and we really are not interested in any projects that have a suburban flair to it; we don’t think that’s good for the community as a whole,” Bibilin says. “We enjoy building projects where people can park their cars and never have to drive it again if they don’t want to.”
This is the first joint venture between Carlyle and Chance Partners, coming together out of their shared vision for the student-housing sector.
“We are pleased to team with Chance Partners, which has a successful track record in the Southgate District adjacent to Florida State University,” says Brian Nelsen, principal at The Carlyle Group. “This development is perfectly suited for the Tallahassee market.”
The Community Redevelopment Agency is making 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,” says Michael Parker, executive director, Community Redevelopment Agency of the City of Tallahassee.
Community & Southern Bank is providing the construction financing and Hathaway Construction is the project general contractor for the project.
The project is expected to be completed for initial occupancy for the start of the Fall 2013 semester.