DEVELOPMENT AND LEASE AGREEMENT WITH PINE DEVELOPMENT

Housing Committee · 2026-07-14 · resolution

Resolution approving a development and lease agreement with Pine Development, LLC for a 36-unit affordable housing development on 1.24 acres of County-owned property within the Metrorail right-of-way at the intersection of East 21st Street and East 4th Avenue in Hialeah, Florida. The lease term is 99 years with projected County revenue of approximately $21,145,998.12. Status is Deferred. Introduced 6/22/2026. Housing Committee agenda date 7/14/2026, item 3A, action Deferred. Agenda date 11/17/2026, item 8N. Sponsor: Natalie Milian Orbis. Requester: Transportation and Public Works. The resolution waives Resolution No. R-407-19 requiring public notification prior to non-competitive lease of County-owned property. The development includes a four-story building with 36 residential units of approximately 500 square feet each, approximately 1,500 square feet of ground floor retail, parking and green space under the guideway. Units rented to households at or below 120% of Area Mean Income for the full 99-year term. Annual development fee of $37,000 until lease execution, then annual rent of $37,000 for first two lease years, increasing 3% annually from third lease year. Developer must complete construction within five years of award or rights revert to County. Federal Transit Administration issued written concurrence.