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.

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