Atlantic Pacific Opens $34M Miami-Area Affordable Project
The 113-unit community is 2 miles south of downtown Fort Lauderdale.
Atlantic Pacific Cos. has opened Poinciana Crossing, a 113-unit affordable community in Fort Lauderdale, Fla. The $34 million project was realized in collaboration with the Housing Authority of the City of Fort Lauderdale and Wells Fargo.
Michael Marra, director for Well Fargo’s Community Lending and Investment group stated that the bank provided a $25 million construction loan, $29.3 million in equity investment and a $6.14 million Freddie Mac agency note for the project. Yardi Matrix data shows that the development also involved a $2.1 million loan from HACFL. Other financing partners included Florida Housing Finance Corp. and Broward County.
The seven-story property was built on the site of a former railyard and comprises one- and two-bedroom apartments ranging from 652 to 998 square feet. Units are reserved for individuals earning income below the thresholds of 28, 60 and 80 percent of AMI. Community amenities include a fitness center, business center, playground and laundry facilities.
The development also incorporates The Waav, a 36-foot wave-inspired art installation. “This site was a tribute to the railroad history. Artist Scott DiStefano helped design The Waav as a tribute to the railroad and as a tribute to the future of where we are going with it,” HACFL Executive Director Tam English told Multi-Housing News.
Located at 1801 SW First Ave., the property is 2 miles south of downtown Fort Lauderdale and adjacent to the Broward Health Medical Center. Various retail, dining and entertainment options are within walking distance of the community.
English stated in prepared remarks that the property will add to the city’s already existing affordable housing stock, comprising more than 1,500 units, while also emphasizing the company’s commitment to developing modern and sustainable communities. Recently, a mixed-use affordable development some 6 miles north of Poinciana Crossing secured $51 million in construction financing.