DEVELOPMENT AND LEASE AGREEMENT WITH PINE DEVELOPMENT

Housing Committee · 2026-07-14 · resolution

Resolution to approve 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 project includes a four-story building with 36 units of approximately 500 square feet each and 1,500 square feet of ground floor retail. The lease term is 99 years with projected revenue to the County of approximately $21,000,000.00 ($21,145,998.12) in development fees and rental income. The development fee is $37,000.00 annually until lease execution, then annual rent of $37,000.00 for the first two lease years, increasing by three percent annually from the third year. The units are for households at or below 120% of Area Median Income (AMI). The item was deferred by the Housing Committee on 7/14/2026 to the October 14, 2026 Committee meeting. Public comment concerns included lack of consultation with the new City of Hialeah administration, affordability of units at 120% AMI, the project being changed from senior housing to affordable housing, lack of a community benefits package, and the use of a transit asset without a competitive process.