Former Paramount Plaza Hotel in Gainesville is actively seeking partnerships with local non-profit organizations to collaboratively develop an affordable housing project. Long-time Gainesville residents have fond memories of the hotel, a property situated on Biven Arms lake and conveniently located less than two miles from both Shands Hospital and the University of Florida.
Former Paramount Plaza Hotel in Gainesville Seeks Non-Profit Partners for Innovative Affordable Housing Project Near Shands and UF
GAINESVILLE, Fla., May 12, 2025 /PRNewswire-PRWeb/ -- RISE8 Development today announced its commitment to addressing the critical need for affordable housing in the Gainesville community. RISE8 is actively seeking partnerships with local non-profit organizations to collaboratively develop an affordable housing project on the site of the former Paramount Plaza Hotel. Long-time Gainesville residents have fond memories of the hotel, a property situated on Biven Arms lake and conveniently located less than two miles from both Shands Hospital and the University of Florida. Rob Beyer, the chief executive officer of RISE8 Development stated this initiative represents a unique opportunity to leverage a strategically located property to provide much-needed housing options for individuals and families in close proximity to major employment and service centers.
The decision to pursue this ambitious project stems from a deep understanding of the growing affordable housing challenges within Gainesville. The hotel's exceptional location offers unparalleled access to essential services, employment opportunities at Shands Hospital and the University of Florida, and educational resources. This proximity is a significant factor in creating sustainable and thriving communities, as it reduces transportation burdens and enhances residents' access to vital amenities. By dedicating a portion of its land to affordable housing, RISE8 Development aims to contribute meaningfully to the well-being of the Gainesville community and foster a more inclusive environment. This endeavor aligns with a growing trend of innovative solutions that see underutilized properties, such as hotels, being repurposed to tackle housing shortages in various regions.
The vision for this project is to create high-quality, affordable housing units that cater to a diverse range of individuals and families.
RISE8 Development is open to exploring various partnership models with non-profit organizations that possess expertise in affordable housing development, management, and resident services. Ideal partners will bring experience in navigating funding opportunities, community engagement, and the provision of supportive services that contribute to residents' long-term stability and success. The hotel recognizes the invaluable role that non-profit organizations play in addressing complex social issues and believes that a collaborative approach will yield the most impactful and sustainable outcomes. This initiative also reflects the hotel's broader commitment to corporate social responsibility and its desire to be an active and engaged member of the Gainesville community.
Beyer said, "We recognize the pressing need for affordable housing in Gainesville, and we believe our prime location offers a unique opportunity to make a real difference. We are excited to partner with a non-profit organization that shares our vision and has the expertise to bring this important project to fruition, ultimately benefiting those who work and study at the heart of our city."
Partnering with the Paramount Plaza presents numerous benefits for non-profit organizations. This collaboration offers access to a strategically located property, potentially streamlining the often lengthy and complex process of land acquisition for affordable housing projects. By working with an established entity, non-profits may also find opportunities for shared resources and potentially expedited development timelines. Furthermore, this partnership provides a platform for non-profits to expand their reach and impact within the Gainesville community, addressing a critical need and strengthening their ties with key institutions like Shands Hospital and the University of Florida. The project also aligns with the missions of many non-profit organizations dedicated to community development and improving the lives of low- and moderate-income residents.
RISE8 invites interested non-profit organizations to submit proposals outlining their experience, capacity, and vision for this affordable housing project. Interested organizations are encouraged to contact [email protected] for more detailed information and submission guidelines.
About RISE8 Development:
RISE8 Development is an affiliate of the RISE8 Companies. RISE8 Companies is a privately held, real estate investment and management firm headquartered in Boca Raton, Florida. While laser-focused on investment and management in the extended-stay living sector, we have diversified business lines incidental to the asset class in lending, retail real estate, and construction and development.
Contact:
Diana Dancal
+1 407-326-9535
Media Contact
Diana Dancal, RISE8 COMPANIES, 1 407-326-9535, [email protected], http://rise8companies.com/
SOURCE RISE8 COMPANIES
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