GROUND LEASE AGREEMENT FOR COUNTY-OWNED LAND LOCATED ON PHT

Housing Committee · 2026-07-14 · resolution

Miami-Dade County Board of County Commissioners (BCC) is considering a resolution to approve the bifurcation of a ground lease agreement for county-owned land. The project involves workforce and affordable housing development on a portion of Folio Nos. 01-3135-045-0010 and 01-3135-045-0020. The developer, RUDG, LLC, is assigning lease rights for the second phase to Residences at Wagner Creek, LLC. Key changes from the original master lease include refurbishing existing Jackson Medical Towers into 358 residential units and 676 parking spaces (instead of demolition and new construction), modifying the workforce/unrestricted housing mix, eliminating a planned hotel tower, replacing an initial rent payment with a capitalized lease payment of approximately $41,331,973, accelerating the completion date to December 2029, and adding provisions for a vocational high school and a lease-back option for parking spaces. The estimated cumulative rental revenue over the term is $534,923,191. The Housing Committee forwarded the item to the BCC with a favorable recommendation. The BCC is expected to make a decision on September 1, 2026.