DEVELOPMENT AND LEASE AGREEMENT WITH PINE DEVELOPMENT

Housing Committee · 2026-07-14 · resolution

Miami-Dade County is approving a Development Agreement and a 99-year Lease Agreement with Pine Development, LLC for an affordable housing development. The project will consist of 36 residential units, each approximately 500 square feet, and 1,500 square feet of ground floor retail space. The development will be located on 1.24 acres of County-owned property within the Metrorail right-of-way. The County anticipates approximately $21,000,000.00 in revenue from development fees and rental income over the lease term. The residential units will be rented to households with incomes at or below 120% of the Area Mean Income for the full 99-year term. The Federal Transit Administration has reviewed and concurred with the project. The Board of County Commissioners is waiving public notification requirements for this non-competitive lease. The project is in committee and has not yet received final action.