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tlantic Pacific Companies is reviving the long-abandoned Carver Theater in Miami's Liberty City with an 11-story, 71-unit affordable housing project called Lofts at Carver Theater. The building will offer studios, one-bedroom, and two-bedroom apartments for households earning up to 80% of the area median income (AMI). In Miami-Dade County, this translates to annual incomes of $69,440 or less for a single person, $79,280 or less for a couple, and $89,200 or less for a three-person household.

    The project has secured at least $14.2 million in funding from the city of Miami and Miami-Dade County. Designed by Corwil Architects, the building will feature six studios averaging 421 square feet, 40 one-bedroom apartments averaging 555 square feet, and 25 two-bedroom apartments averaging 800 square feet.

    The Carver Theater was a cultural hub for Liberty City's historically Black community when it opened in 1940, hosting shows until 1960. The building has been vacant for years after the city of Miami purchased it in 2018 for $1.4 million. Atlantic Pacific Companies is partnering with the Martin Luther King Economic Development Corporation on this project.

    As a prolific developer of affordable and workforce housing across South Florida, Atlantic Pacific Companies is also working on several other projects, including an eight-story building in Overtown and the Quail Roost Transit Village in Perrine. These types of developments are more resilient to economic headwinds like higher interest rates and retrenching banks than market-rate apartments, as they can tap into public funding to close construction financing gaps.