Boca Raton-based Atlantic Pacific Companies is moving forward with two affordable housing developments totaling 614 apartments on publicly owned land in Miami-Dade County, using long-term ground leases to unlock sites controlled by the school district and county government.

What exactly is Atlantic Pacific Companies building in Miami-Dade?

Atlantic Pacific Companies plans to develop 364 income-restricted rental apartments on a 10-acre parcel at 11700 SW 216th Street — land owned by Miami-Dade County Public Schools (MDCPS) — and an additional 250 affordable apartments on a county-owned public housing site in the Overtown neighborhood. Both projects rely on ground leases rather than land purchases, allowing public agencies to retain ownership while a private developer finances and builds the housing.

  • The SW 216th Street site spans 10 acres of school district-owned property in the southern reaches of Miami-Dade.
  • The Overtown development will replace or supplement an existing county public housing site.
  • All units at both locations will be income-restricted, targeting residents who earn below area median income thresholds.

How much will Miami-Dade County Public Schools receive from this deal?

Miami-Dade County Public Schools will receive $12.7 million from Atlantic Pacific Companies under the terms of a 99-year ground lease covering the SW 216th Street property. The lease structure lets MDCPS generate long-term revenue from land it is not actively using for educational facilities, while the developer gains the site access needed to finance affordable housing construction.

  • The 99-year lease term is standard for public-land affordable housing deals, providing enough duration to secure tax-credit financing.
  • Atlantic Pacific Companies, headquartered in Boca Raton, has an established track record developing affordable and workforce housing across Florida.

Why are developers increasingly using public land for affordable housing in South Florida?

The dual land-lease model Atlantic Pacific Companies is employing reflects a wider shift in how Miami-Dade County and its affiliated agencies are responding to a severe shortage of affordable rental housing. By leasing rather than selling government-owned parcels, public bodies preserve long-term control of the land while enabling private developers to build units that would otherwise be financially unviable on the open market, where land costs alone can make affordable rents impossible to achieve.

  • Ground leases reduce upfront land costs for developers, making low-income housing tax credit projects more competitive.
  • Overtown, one of Miami's oldest historically Black neighborhoods, has faced intense displacement pressure as downtown development has pushed westward.
  • Miami-Dade County has identified dozens of surplus public parcels as potential affordable housing sites in recent years.

What happens next for these two Miami-Dade projects?

Both developments remain in the planning and entitlement phase, with Atlantic Pacific Companies working toward finalizing agreements with Miami-Dade County for the Overtown site and with Miami-Dade County Public Schools for the SW 216th Street location. The projects will likely require approval of tax-credit financing through the Florida Housing Finance Corporation before construction can begin.

Original reporting on this story was published by The Real Deal Miami.