DEVELOPMENT AND LEASE AGREEMENT WITH PINE DEVELOPMENT

Housing Committee · 2026-07-14 · resolution

Miami-Dade County is approving a Development Agreement and a 99-year Lease Agreement with Pine Development, LLC for an affordable housing development. The project will consist of 36 residential units and approximately 1,500 square feet of ground floor retail space on 1.24 acres of County-owned property within the Metrorail right-of-way. The development is located near the Hialeah Metrorail Station. The County anticipates approximately $21,000,000.00 in revenue from development fees and rental income over the lease term. The resolution waives public notification requirements for this non-competitive lease. The Federal Transit Administration has reviewed and concurred with the project. The project is to be developed at the sole expense of Pine Development, LLC, with restrictions on rental income for residents remaining at or below 120% of the Area Mean Income for the full 99-year term.