DEVELOPMENT AND LEASE AGREEMENT WITH PINE DEVELOPMENT

Housing Committee · 2026-07-14 · resolution

Miami-Dade County Board of County Commissioners is considering a resolution to approve a Development Agreement and a 99-year Lease Agreement with Pine Development, LLC for the development of a 36-unit affordable housing project on approximately 1.24 acres of County-owned property within the Metrorail right-of-way. The project is located near the Hialeah Metrorail Station, at the intersection of East 21st Street and East 4th Avenue in Hialeah, Florida. The development will include 36 residential units, each approximately 500 square feet, and approximately 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. Pine Development, LLC will pay an annual development fee of $37,000.00 until the lease is executed, and then annual rent of $37,000.00 for the first two years, with a 3% annual increase thereafter. The projected total revenue to the County is approximately $21,000,000.00. The Federal Transit Administration has reviewed and concurred with the project. The Board is waiving public notification requirements for this non-competitive lease. The project is expected to be completed within five years of the Development Agreement award.