Atlantic Pacific Seeks $3.8M County Loan for Housing Projects

Miami-based Atlantic Pacific Companies has requested a $3.8 million loan from Miami-Dade County to address construction cost overruns affecting three affordable housing developments totaling 470 units.

Miami-Dade commissioners will vote Tuesday on whether to approve the zero-interest loan for the first two years, followed by a 0.75 percent interest rate for the remaining 28 years of the 30-year term. The financing would be sourced from surtax funds that Atlantic Pacific previously repaid to the county from an already completed development.

The largest portion of the requested loan, $1.6 million, would support the 150-unit Perrine Apartments II located at 10060 West Evergreen Street in south Miami-Dade's West Perrine neighborhood. This age-restricted development will feature 116 studios, 12 one-bedroom units, and 22 two-bedroom apartments serving households earning 30 to 80 percent of the area median income. Kenneth Naylor, representing Atlantic Pacific, noted in a September letter that construction was 20 percent complete at that time, with completion targeted for the third quarter of this year. The project had previously received $5 million in county funding.

Brownsville Village V would receive $1.2 million of the loan to address a $1.8 million increase in labor and materials costs. Located at 5115 Northwest 29th Avenue in Miami-Dade's Brownsville neighborhood, the 120-unit project includes 28 studios and 92 one-bedroom apartments for households earning 30 to 80 percent of area median income. The cost increases stem from a nearly two-year delay caused by ground lease complications between the developer and Miami-Dade County, which owns the underlying land. The project had previously been awarded $5.8 million in county funds and expects completion in the fourth quarter.

The remaining $1 million would support Northside Property III at 3180 Northwest 79th Street in an unincorporated county area. This 200-unit development consists of 50 studios and 150 one-bedroom apartments targeting residents earning 30 to 70 percent of area median income. The project faces unexpected costs due to a $1.4 million underground utility relocation requirement. Construction was 95 percent complete as of September, with fourth-quarter completion anticipated. This project had previously received $9 million in county funding.

The requested $3.8 million represents funds being redeployed from Atlantic Pacific's completed 110-unit Amber Garden development at 1301 Northwest 23rd Street in Miami.

Atlantic Pacific ranks among South Florida's most active developers of affordable and workforce housing. The company joins other regional developers in utilizing creative financing mechanisms to maintain lower construction costs while offering below-market rental rates.

Miami-Dade developers have increasingly leveraged the federal Rental Assistance Demonstration program, which permits them to lease public housing complexes from the county at discounted rates in exchange for constructing affordable and workforce housing units. RAD projects totaling approximately 10,000 units have received approval in Miami-Dade over the past year, reflecting the program's growing significance in addressing regional housing needs.