Pacific Breaks Ground on 616-Unit Miami Community – Multifamily Real Estate News
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The project is considered the largest mixed-income, transit-oriented development to ever get underway in Miami-Dade County.
Atlantic Station. Image courtesy of Atlantic | Pacific Cos.
Atlantic | Pacific Cos. has broken ground on Atlantic Station, a 616-unit, mixed-income community in Miami that will include 360 workforce housing apartments. Previously known as Block 45, the project is considered the largest single-phase transit-oriented development to ever get underway in Miami-Dade County.
Atlantic Station will rise 36 stories at 151 NW Seventh St. within downtown Miami, roughly 1 mile from Miami Tower. The development site is adjacent to the Brightline train station, with Metrorail and Metromover stations also nearby. Interstate 95 is less than 1 mile west.
Upon completion, the community will feature studios and one- to three-bedroom apartments, according to Yardi Matrix data, as well as 25,000 square feet of ground-floor retail and restaurant space. Common-area amenities are slated to encompass a fitness center, a dog park, two swimming pools and an outdoor kitchen, along with a club lounge and a work-from-home center.
Atlantic Station has the county’s support as a General Obligation Bond project, with funding from Building Better Communities’ bond program.
Miami’s multifamily market, still going strong
Despite showing signs of cooling off, Miami remains one of the strongest multifamily markets in the country, being supported by in-migration, steady increase in tech jobs and high investment volume. According to Yardi Matrix information, the metro had some 25,500 units underway as of January, while 157,000 were in the planning and prospective stages.
Atlantic | Pacific has been very active in metro Miami throughout 2022. The developer broke ground on the third phase of an affordable project in Dania Beach, Fla., last January and delivered a 180-unit senior community in December.
