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| 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 19th.
Culmer Place is the first phase of the Culmer public housing RAD conversion.
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Culmer Place, Overtown, Miami, FL
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“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.
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| 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.
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Kenneth Naylor
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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.”
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| 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.
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| Christine King |
CONTACTS:
MargieSernik
margie@jwipr.com
786.200.2516
Tyler
Sminkey
tyler@jwipr.com |
786.390.8510
Wells
Fargo Stories.
www.apcompanies.com.
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