The Real Deal Miami

Atlantic Pacific and Miami-Dade to begin working on deal for affordable and workforce housing in Overtown

AP beat out a competing proposal from 13th Floor, Adler and Cornerstone
By Francisco Alvarado | July 10, 2018 05:30PM

Block 45 Atlantic Pacific

A proposal to build 360 affordable and workforce housing apartments in Overtown near Miami Worldcenter and Brightline’s MiamiCentral development is gaining traction.

Miami-Dade commissioners on Tuesday unanimously approved negotiating a deal with Atlantic Pacific Communities to develop a $172.8 million mixed-use project with a total of 600 residential units on a 90,000-square-foot parking lot at 152 Northwest Eighth Street. The site is owned by the county.

Atlantic Pacific beat out a competing proposal submitted by a partnership of 13th Floor Investments, Adler Group and Cornerstone Group by offering to set aside 60 percent of the proposed 600 residential units for low-to-middle income renters.

Atlantic Pacific is teaming up with Elite Equity Development, BAME, and Palmetto Homes to develop the project, known as Block 45. Representatives for Atlantic Pacific could not immediately be reached for comment.

According to a June 26 memo written by Miami-Dade’s procurement contracting manager Basia Pruna, a county evaluation committee ranked Atlantic Pacific’s proposal ahead of the one submitted by 13th Floor/Adler/Cornerstone.

“Atlantic Pacific’s approach was community-oriented with 60 percent of the overall residential space being dedicated to workforce and affordable housing, including three-bedroom units to accommodate families,” Pruna wrote. “The proposal design promotes pedestrian living and use of mass transit by providing numerous retail and restaurant spaces, as well as shared amenities for all residents regardless of income levels.”

Atlantic Pacific is offering to pay the county $15 million for the land, of which $9.48 million would go back to the development team in consideration for the number of affordable and workforce housing units built. The county would also receive 3.5 percent of the project’s estimated $15.9 million in annual revenue.

In the company’s application, Atlantic Pacific COO Kenneth Naylor boasted Block 45 would help level the disparity in Miami’s downtown, which is oversaturated with condos and apartments that a majority of city residents cannot afford.

“Thousands of expensive luxury units have been and will continue to be, delivered into this marketplace, forcing much of our workforce out of this community,” Naylor wrote. “We will maximize the number of workforce housing units, creating a true mixed-income community.”