Lincoln Ventures has acquired a development site in Gainesville, Fla., to construct a 502-bedroom community adjacent to the University of Florida. The 144-unit multifamily, student-oriented development is set to break ground this month and is slated for delivery by the summer of 2023.
The company paid $6 million to KLM Property Holdings for the land at 1209-1227 W. University Ave., according to public records. The general contractor is Rabren General Contractors, while Dwell Design is the project’s architect. Interior design services will be provided by Variant.
The 10-story development, which is the company’s first in Gainesville, encompasses 280,000 square feet and is set to include parking, commercial space, ground-floor retail and pedestrian streetscape. Community amenities will include a cafe, a study lounge, several study rooms, a rooftop pool, grills, cabanas and a gym. The site is less than half a mile east of the University of Florida. Several shopping, dining and entertainment options are available within a 1-mile radius.
Focus on affordability
The developer collaborated with the Gainesville Housing Authority and the city of Gainesville in the planning process. Ten percent of the community’s units will be set aside as affordable housing, available based on earnings in relation to the area median income.
The community is part of Lincoln Ventures’ strategy of continuous expansion outside of Texas markets, where it recently arranged other development sites such as 2513 Seton, an eight-story, 865-bed project near the University of Texas at Austin. The firm also has a 564-bed development underway in Atlanta, near Georgia Tech.