Atlantic Pacific lands $158M construction loan for Overtown project

Miami-based developer broke ground earlier this year on Atlantic Station, a 36-story building with 616 apartments and 25K sf of retail and restaurant space

Atlantic Pacific’s Overtown Project Scores $158M Loan
Atlantic Pacific Companies’ Howard Cohen and a rendering of Atlantic Station in Overtown (Atlantic Pacific Companies, Bermello Ajamil)

Atlantic Pacific Companies obtained $157.5 million in construction financing for a planned 36-story mixed-use project in Miami’s Overtown neighborhood.

A consortium led by PNC Bank provided the loan to an affiliate of Miami-based Atlantic Pacific. The developer has a ground lease with Miami-Dade County to build the project, called Atlantic Station, on a 2-acre site at 152 Northwest Eighth Street, records show. The development site is on county-owned land near the Overtown/Lyric Theater Metrorail station and MiamiCentral, the Brightline train station in downtown Miami

In 2019, Miami-Dade approved a 90-year lease with Atlantic Pacific and its partner, BAME Community Development Corp., to develop the project. The county also provided a $5 million grant through Miami-Dade’s Building Better Communities bond program. 

The developer broke ground on Atlantic Station in January. Designed by Coral Gables-based Bermello Ajamil & Partners and Corwil Architects, the proposed mixed-use building will have 616 apartments, including 360 workforce housing units. Atlantic Station will also have 25,000 square feet of retail and restaurant space, and an eight-story garage with 605 parking spaces. 

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Led by Howard Cohen, Atlantic Pacific has another deal with Miami-Dade to redevelop four public housing complexes. In December, county commissioners okayed a ground lease with Atlantic Pacific to quadruple the number of apartments to 605 from 150 income-restricted units at Heritage Village and Moody Village/Gardens.

In May, Atlantic Pacific submitted plans to the county to build two new three-story buildings at Heritage Village II, a 4-acre public housing site in the unincorporated neighborhood of Naranja.  The proposed project would have 116 affordable units, 143 parking spaces and 107,000 square feet of open space. It’s the first phase of a redevelopment called Heritage Village South.

In Perrine, another unincorporated neighborhood, Atlantic Pacific is proposing a 10-story building with 124 affordable apartments and 1,200 square feet of retail. It is part of its multi-phase Quail Roost Transit Village project in south Miami-Dade. 

In 2020, Atlantic Pacific won a 90-year master ground lease to develop 9 acres of county-owned land into Quail Roost Transit Village. The project’s first phase, which is under construction, entails a 12-story building with 200 units and a six-story garage with 409 spaces.

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