Development firm chosen for community redevelopment project

LAKELAND — Tampa-based Catalyst Asset Management was chosen by the Lakeland Community Redevelopment Agency and city commissioners to develop a 1.49-acre, city-owned site in downtown Lakeland. Catalyst has proposed a mixed-income, mixed-use property comprised of market rate and workforce housing rental units, according to a statement. 

"There is still a great deal of work to be done, but at this point in the process, we're very excited and equally encouraged about the City of Lakeland and CRA's willingness to work with us,” says Catalyst Capital Managing Director Michael Allen in the statement. "Together, along with community input, we're dedicated to delivering a creative design that fits within the character of downtown Lakeland.”

Catalyst will work with the CRA over 90 days to assess the needs of the market and negotiate the terms of the developer agreement.

Catalyst Asset Management is an impact investment management firm organized as a public benefit corporation. It develops market rate and affordable housing, commercial, and mixed-use projects in Florida. Through its nonprofit affiliate, Catalyst Community Capital, it provides debt and equity capital to small business owners and mission-driven real estate developers nationwide.