Atlantic Pacific’s plan for mixed-use affordable housing project near Cutler Bay advances

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November 2, 2020
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As reported in The Real Deal.

Atlantic Pacific Communities’ plans for a mixed-use development near Cutler Bay, with at least 500 residential units including affordable housing, are moving forward.

Miami-Dade County last week approved a 90-year master ground lease for a subsidiary of Miami-based Atlantic Pacific, led by CEO Howard Cohen.

The development, called Quail Roost Transit Village, will be built on almost 9 acres along the South Dade TransitWay, at Homestead Avenue and Southwest 184th Street, according to a press release. The project will include 140 affordable units.

The land is owned by the Miami-Dade Transit Authority and the county’s public housing authority.

The development will consist of five phases. The first phase, valued at more than $50 million, will include 200 units and a structured parking garage. The second phase will have about 30,000 square feet of retail and restaurant space. Construction should begin in the first quarter of 2022, according to the release.

Greenberg Traurig’s Nancy Lash, Ryan Bailine and Stephanie Jimenez assisted Atlantic Pacific with the lease approval. Ethan Wasserman and Nicole Wolfe are working on the project’s land use entitlements for phase one, according to the release.

Under the terms of the lease, Miami-Dade County will receive more than $2.5 million, with the exact amount depending on the total number of units ultimately constructed, plus a percentage of rent from the commercial components of the development.

The county also approved $6 million from the county’s Documentary Stamp Surtax Program to support the development, according to the lease.

In November, Atlantic Pacific Communities closed on a $26.64 million loan from Bank of America for an affordable housing development in Fort Lauderdale. That same month, the company and Rockpoint Group sold an apartment complex in Lauderdale Lakes for $102.9 million to a Canadian investment group.

Other affordablemultifamily projects planned for Miami-Dade County include a 112-unit rental project by Pinnacle that secured $30.8 million of financing earlier this month, and a 66-unit housing project near North Miami to be developed by Global One Investment Group.