DEVELOPMENT AND LEASE AGREEMENT WITH PINE DEVELOPMENT

Housing Committee · 2026-07-14 · resolution

Miami-Dade County deferred a resolution approving a development and lease agreement with Pine Development, LLC for an affordable housing project. The project involves developing a 36-unit affordable housing development on 1.24 acres of county-owned property within the Metrorail right-of-way. The lease agreement has a 99-year term, with projected revenue to the county of approximately $21,000,000.00 in development fees and rental income. The developer will pay an annual development fee of $37,000.00 until the lease is executed, followed by an initial annual rent of $37,000.00 for the first two years, with a 3% annual increase thereafter. The development will consist of 36 residential units, each approximately 500 square feet, and 1,500 square feet of ground floor retail space. The residential units will be rented to households with incomes at or below 120% of the Area Mean Income for the full 99-year term. The Federal Transit Administration has reviewed and concurred with the project. The resolution waives public notification requirements for the non-competitive lease of county-owned property. The Housing Committee deferred the item on 7/14/2026.