In recent years, Florida has seen a massive increase in people moving to the state and North Central Florida is no exception to this. On Thursday, a ground-breaking ceremony was held for a new $186 million luxury condominium complex in Gainesville.

BAI Capital, an investment firm based out of Aventura in Miami-Dade County, seized the opportunity to build Archer Place. The plot of land the firm chose is nestled between several student housing complexes, is two miles away from the center of UF’s campus and in proximity to Butler Plaza at 3101 Archer Rd.

The company has been eyeing and surveying the piece of land for nearly two years, and announced its plan to commit to the construction project on Thursday at a networking event in collaboration with the Greater Gainesville Chamber of Commerce. The event also introduced a model unit of the condo complex.

“They, as a company, have been focused on investing in student housing projects in Florida, Texas as well as New York…Gainesville is a great place to be, you have [at UF] over 60,000 people and over 90,000 people on game day,” said Kyle Majors, a 32-year-old sales manager of Archer Place. “There is a certain demand for this type of community to come here. We’re bringing a new flair, some of that South Florida flare, to Gainesville, giving people a more upscale luxury feel.”

Slated for a December 2026 completion, the complex is projected to have 92 units, including 19 penthouses, nine of which will have a private pool. The complex would offer on-site amenities such as a climate-controlled pool, a fitness and business center, and a clubhouse kitchen with a dining area.

The complex is meeting the demand of primarily South Floridians looking for a less expensive alternative to luxury living, said Eric Godet, president and CEO of the Greater Gainesville Chamber of Commerce.

“Our fastest group of people migrating to our area is from South Florida, both Southeast and Southwest Florida, and so having these kinds of products for the individuals that are moving here is very important,” Godet said. “It’s just a nice area to increase and address the concerns of those who need housing in this area…We know the changes that are happening on UF’s campus, and it’s great to see the private sector coming up with solutions that are close to campus to make that happen.”

The city has seen a 4.18% increase since its last census in 2020, according to the World Population Review.

Aside from the announcement of the soon-to-be economic development in Gainesville, the event offered a great opportunity to connect with representatives of different companies across the city, Randi Feliciano, a 25-year-old talent acquisition specialist with Northwestern Mutual, said.

“It definitely is an opportunity to network, and you get to know more individuals to help grow the business that I currently work for, but also to be able to have those referrals, connections and put somebody in the right direction if they’re looking for nonprofit organizations or places to volunteer,” Feliciano said.