MIAMI (PRWEB) October 30, 2020
Greenberg Traurig, P.A. Miami office Real Estate Practice Shareholder Nancy B. Lash and Land Development Shareholder Ryan D. Bailine assisted longtime client Atlantic Pacific Communities in obtaining approval for a 90-year master ground lease from the Miami-Dade County Commission to accommodate the building of mixed-use, transit-oriented development Quail Roost Transit Village.
Set to be built on 8.5 acres along the South Dade TransitWay at the intersection of Homestead Avenue and Southwest 184th Street, Quail Roost Transit Village will be part of the county’s efforts to provide quality housing for low-income, elderly residents, along with convenient access to public transportation. The new development, which is to be built in five phases, received several million dollars from Miami-Dade County and will be situated on land owned by the Miami-Dade Transit Authority and the county’s public housing authority.
Quail Roost Transit Village will contain a minimum of 500 units, including 140 affordable units. The first phase, which is valued at more than $50 million, will include 200 units and a structured parking garage. The second phase is planned to have approximately 30,000 square-feet of neighborhood-oriented retail and restaurant amenities. Construction is expected to begin in the first quarter of 2022.
The ground lease is an agreement between Miami-Dade County and Quail Roost Holdings LLC, a Florida limited liability company and subsidiary of Atlantic Pacific Companies. Under the terms of the lease, Miami-Dade County will receive in excess of $2.5 million, with the exact amount depending on the total number of units ultimately constructed, plus a percentage of rent from the commercial components of the development.
“We are very pleased to be able to structure this complicated ground lease in ways that accomplish the goals of both Miami-Dade County and Atlantic Pacific Communities, through increasing the use of mass transit and addressing the critical community need for high-quality affordable housing in South Miami-Dade,” said Lash, who is co-chair of Greenberg Traurig’s Miami Real Estate Practice.
“Quail Roost Transit Village will be representative of the other high-quality, mixed-use transit-oriented development projects that Greenberg Traurig has worked on with Atlantic Pacific,” Bailine said. “We have helped bring more than a half dozen of these community-oriented projects to fruition and understand what all parties need to achieve a successful development.”
Lash and Bailine were assisted in the transaction by Greenberg Traurig Associate Stephanie Jimenez. Miami Shareholder Ethan B. Wasserman and Associate Nicole Wolfe are currently working on the project’s land use entitlements for phase one of the project.
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