Done Deals: CULMER PLACE IN OVERTOWN, FL CELEBRATES WITH GROUNDBREAKING

Saturday, April 20, 2024

CULMER PLACE IN OVERTOWN, FL CELEBRATES WITH GROUNDBREAKING

Miami-Dade County Mayor Daniella Levine Cava.

MIAMI, FL – Miami-Dade County and its Department of Public Housing and Community Development (PHCD) along with City of Miami and the Department of Housing and Urban Development in partnership with an affiliate of Atlantic Pacific Companies (A|P) and Wells Fargo hosted a groundbreaking for Culmer Place, a public housing redevelopment (RAD conversion) in Overtown, on Friday, April 19^th. Culmer Place is the first phase of the Culmer public housing RAD conversion.

Culmer Place, Overtown, Miami, FL

“Great partnerships yield great results. By forging alliances with the private sector, Miami-Dade County government can continue to redevelop existing public housing developments and construct new units to assist our hard-working residents in finding a home," added Alex Ballina, Director of PHCD.

Alex Ballina

The community will be comprised of 239 units in two buildings, as well as a clubhouse with a pool, fitness center, club room, and computer rooms.

“We’re excited to partner on the needed replacement of public housing in Overtown by serving a broad mix of household incomes in the new Culmer Place, which will immediately improve the neighborhood’s aesthetics and quality of life.” said Kenneth Naylor, President of Development for Atlantic Pacific Companies (A|P). “Everyone deserves the right to live in a beautiful community at attainable rents.”

"This phase marks the inception of the transformation journey for Culmer Place and Culmer Gardens public housing developments under the Rental Assistance Demonstration (RAD) program. This redevelopment project will ultimately result in more than 1,000 new affordable and workforce housing units," stated Miami-Dade County Mayor Daniella Levine Cava.

Kenneth Naylor

The family housing will consist of studios, one-, two-, three-, four-, and five-bedroom units to accommodate families of various sizes. All of the units are set-aside at 30% - 80% of the Area Median Income (AMI) with rental prices ranging from $542 up to $4,541.

“Culmer Apartments will provide residents the opportunity to reside in modern and welcoming surroundings in close proximity to stores, churches, and other neighborhood anchors at an affordable price,” expressed Miami-Dade County District 3 Commissioner Keon Hardemon.

“Affordable housing in District Five is a top priority. In the past few years we’re seeing several new developments rise to the occasion,” said City of Miami Chairwoman and District Five Commissioner Christine King. “What I love about Culmer Place is that we aren’t only developing fresh housing from the ground up, we are redeveloping dated housing that will further beautify our district.”

Keon Hardemon.

"Wells Fargo is proud to have worked with Atlantic Pacific Companies (A|P) on the financing for Culmer Apartments. This is a transformative project for Miami and will act as a new catalyst for growth and vibrancy,” said Horatio Jones IV, managing director in Wells Fargo’s Multifamily Capital group.

“This project will positively impact the lived experiences of a number of Miami Dade families, immediately improving their quality of life, while also providing full access to the benefits of living in direct proximity of downtown.”

Funding for the property consists of $28.829 million in U.S. Department of Housing and Urban Development (HUD) debt; $13.36 million from Florida Housing Finance Corporation’s (FHFC) Sate Apartment Incentive Loan program (SAIL), National Housing Trust Fund (NHTF), and Supplemental ELI; a $6.5 million Miami-Dade County surtax; $500,000 in Miami-Dade County Overtown funds; and $52 million limited partner (LP) equity and $40 million bridge loan both from Wells Fargo. A HUD CNI application for $50 million in funding has also been submitted for future phases and for community improvements.