Atlantic | Pacific Communities partnership pays $23M for Sunny Isles Beach affordable housing
The developer is partnering with Catholic Health Services and said it plans to keep Marian Towers as affordable housing
An Atlantic | Pacific Communities partnership just paid $22.6 million for a waterfront affordable senior housing complex in Sunny Isles Beach.
The 220-unit property at 17505 North Bay Road, known as the Marian Towers, will now be co-owned by the Bal Harbour-based developer in partnership with the previous owner, Catholic Health Services. Atlantic | Pacific will own 49 percent and Catholic Health Services will own 51 percent, according to a spokesperson for Atlantic | Pacific Communities. The building is 153,169 square feet, according to property records, which equates to a price of $147 per square foot.
Catholic Health Services’ affiliate, Catholic Housing Management, will continue to manage the property, according to a statement from Atlantic | Pacific Communities. The partnership will spend more than $60,000 per unit in rehabilitation costs and plans to keep the property as affordable housing, the statement said.
The property was built in 1971 and stands out from other nearby glitzy, luxury condo towers in Sunny Isles such as Porsche Design and Acqualina Resort & Spa. It is located on the Intracoastal and the property totals 222,710 square feet.
Catholic Health Services is part of the Archdiocese of Miami and operates 38 facilities in Broward and Miami-Dade counties.
Atlantic | Pacific Communities, led by Howard Cohen, recently won a bid 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 in downtown Miami.