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 revenue of approximately $21,000,000.00. Status is Deferred. Introduced 6/22/2026. Housing Committee deferred on 7/14/2026. Agenda date 11/17/2026. File number 261132. Applicant is Pine Development, LLC. Sponsor is Natalie Milian Orbis. The development includes a four-story building, 36 residential units of approximately 500 square feet each, approximately 1,500 square feet of ground floor retail space, parking and green space under the guideway. Units rented to households at or below 120% of Area Mean Income. Annual development fee of $37,000.00 until lease execution, then annual rent of $37,000.00 for first two lease years, increasing 3% annually from third year. Total revenue estimated at $21,145,998.12. Waives Resolution No. R-407-19 public notification requirement. Federal Transit Administration issued written concurrence. No public comment sentiment is stated in the document.