Innovate June 2017

Residential Real Estate: A Barometer for Urban Growth Potential

Written By: Kaitlyn McKinley

Ingenuity: Featuring open work spaces, private offices, and conferences rooms designed for your company’s unique needs.

The City of Gainesville is moving without hesitation into a period of urban re-development. The unprecedented renaissance in nearly every industry is evidenced in the updates to Butler Plaza, the packed storefronts lining Archer Road, the multiple global headquarters relocating to Innovation Square and the graduates pouring out of the University of Florida ready to dive into the local workforce.

With the rapid development and creation of new jobs in the area, Gainesville is starting to draw more young professionals, who provide opportunities for local businesses to expand. Similarly, UF is increasing its attractiveness to undergraduate students around the globe as it continues to push academic boundaries and create an unparalleled culture of success. This dedication to fostering long-term educational value and premier research solutions is providing UF with a competitive reputation as a world-renowned educational institution.

Now, with a promising career waiting immediately outside the borders of campus, the desire to stay in Gainesville after graduation is widespread. This influx in population and the resulting need for commercial space and residential housing have directly impacted the economic boom in real estate development, especially in the multifamily industry. The trajectory for growth is exponential, and local businesses are prepared to capitalize on these unique opportunities.

Trimark Properties, a local developer and property management company, is no stranger to the opportunities that a high-growth environment like Gainesville can produce in the housing market. Its strong residential division has completed four luxury apartment complexes in the past four years, adding to an overall resume of 26 Gainesville apartment buildings. Cascades, the company’s newest luxury apartment complex, broke ground on March 22, 2017. The 73,000-square-foot, 5-story building will be located at 925 Southwest 4th Ave., less than a block from Trimark’s newest office building, Ingenuity, and less than three blocks from the University of Florida campus. Construction firm D.E. Scorpio is expected to complete the Cascades building in late July 2018, approximately a month before the University of Florida’s fall semester begins.

“The Gainesville real estate market is only expected to grow as more young professionals graduate from the University of Florida and remain in the area,” said John Fleming, managing partner at Trimark Properties. “Trimark has been investing in the Gainesville community by building luxury apartments and state-of-the-art office spaces since its inception in 1992, and I think that investment is paying off as we see the whole community thriving and coming together to build a city that will rival other metropolitan areas in Florida. I am happy to be a part of this transformation, and I think the latest groundbreaking at Cascades is just one more building block towards that goal.”

Artist rendering of The Cascades rooftop terrace.

Unlike many apartments in Gainesville, Cascades is uniquely positioned between the University of Florida and the downtown art district. Ultra-modern architecture and an aquatic-inspired color palate will appeal to young professionals and UF students alike who are looking for a trend-setting place to call home. This is just one step toward developing the “live, work, play” community around Innovation Square, where businesses and employees are surrounded by every amenity necessary to thrive.

Designed by Trimark and Fugleberg Koch, premier features in the apartments include luxury bathrooms, gourmet kitchens, electric wine coolers, energy-efficient stainless steel appliances, private Juliet balconies and granite countertops. The state-of-the-art features were tailored to fit the lifestyle of students and professionals working at UF and in Innovation Square. The building will boast a hotel-styled lobby, interior common areas, conference rooms, and a rooftop terrace lounge with love seats, fire bowls and ivy-wrapped pergolas.

These designs are indicative of the trends that are already starting to take root across the city. Gainesville apartments are transforming to fit the evolution of the city itself while mirroring other urban centers. This speaks to the impact that local development has on the progressive growth and expansion of any city center.

The real estate market is the best barometer to use when determining the high-growth potential of a region. With more money invested in the community every day through business ventures, education and retailers, there is no reason the housing market would not benefit. As the real estate potential of the city expands from an increased workforce and fundamental desire to improve the area, the future for creating a new and burgeoning city defined by the local environment is bright.

“Cascades, the company’s newest luxury apartment complex, broke ground on March 22, 2017. The building will boast a hotel-styled lobby, interior common areas, conference rooms, and a rooftop terrace lounge with love seats, fire bowls and ivy-wrapped pergolas.”

Kaitlyn McKinley is a communications professional living in Gainesville, Florida. She is passionate about the real estate business, finance and marketing luxury brands.

Photography courtesy of Trimark Properties

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