GROUND LEASE AGREEMENT FOR COUNTY-OWNED LAND LOCATED ON PHT

Board of County Commissioners · 2026-07-21 · resolution

Resolution R-688-26, File Number 261263, adopted by the Miami-Dade Board of County Commissioners on 7/21/2026, approves the bifurcation of the Jackson Medical Towers Redevelopment Lease Agreement with RUDG, LLC for the second phase of development, for a term of 99 years, for workforce and affordable housing on County-owned land located on a portion of properties currently bearing Folio Nos. 01-3135-045-0010 and 01-3135-045-0020. The Phase 2 Lease is with Residences at Wagner Creek, LLC, an entity affiliated with RUDG, LLC. The estimated cumulative rental revenue over the term is $534,923,191 to the Public Health Trust of Miami-Dade County, inclusive of a capitalized lease payment estimated at approximately $41,331,973. The Phase 2 Lease includes refurbishing existing Jackson Medical Towers structures into a 358-unit residential building with approximately 676 parking spaces, modifying the residential unit income mix (minimum 20 percent workforce housing, maximum 30 percent unrestricted), eliminating a planned 128-unit hotel tower, and accelerating construction completion from February 2032 to December 2029. The capitalized lease payment entails a lump sum payment of ten percent of the fair market value of existing improvements due at financial close (estimated at $4,133,197), with the balance due after 33 years (estimated at $37,198,776 plus interest). The Phase 2 Lease requires a minimum of 50 percent of residential units be maintained as affordable housing units. The property is located in County Commission District 3. The resolution authorizes the Public Health Trust to execute the Phase 2 Lease and administer its terms, and authorizes the County Mayor or designee to exercise certain rights. The resolution also directs the County Mayor or designee to provide the Property Appraiser's Office with a copy of the executed Phase 2 Lease within 30 days of execution. The Housing Committee forwarded the item to the BCC with a favorable recommendation on 7/14/2026. No public comment or stakeholder sentiment is stated in the document.