TALLAHASSEE, FL—In their first joint venture together,Chance Partners LLC of Atlanta and the New YorkCity-based Carlyle Group broke ground recently onCatalyst, a mixed-use project near Florida State University here.The $25-million development will feature 130 student-housing unitsand some 3,500 square feet of ground-floor retail. Students areexpected to move in for the Fall 2013 semester.

Catalyst will sit on a 2.9-acre former industrial site that oncehoused the old Ro-Mac Lumber & Supply Co. facility. The projectcomplements the ongoing Gaines Street Revitalization plan, whichcalls for the area between West Gaines Street and the southernboundary of the FSU campus to be made into an urbanlive/work/shop/play destination center.

Catalyst isn’t the only major student housing community to debutin 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 wellas over 30,000 square feet of retail, restaurant and entertainmentspace. The first units are expected to be available in the summerof 2013.