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 County-owned property within the Metrorail right-of-way. The project is located near the Hialeah Metrorail Station. The developer will pay an annual development fee of $37,000 until the lease is executed, followed by annual rent of $37,000 for the first two years, with a 3% annual increase thereafter. The projected revenue to the County is approximately $21,000,000. The Federal Transit Administration has reviewed and concurred with the project. The Board is waiving certain public notification requirements. The development is planned to include approximately 500 square feet of living space per unit and 1,500 square feet of ground floor retail space. Units will be rented to residents with household incomes at or below 120% of the Area Mean Income for the 99-year term.