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 and approximately 1,500 square feet of ground floor retail space on 1.24 acres of County-owned property within the Metrorail right-of-way. The development is located at the intersection of East 21st Street and East 4th Avenue in Hialeah, Florida. The County anticipates approximately $21,000,000.00 in revenue from development fees and rental income. The project requires approval from the Federal Transit Administration, which has issued its concurrence. Public notification requirements were waived for this non-competitive lease. The Board of County Commissioners is set to approve the agreements, with the lease becoming effective upon Pine Development, LLC satisfying all conditions precedent and obtaining necessary permits. The residential units will be rented to residents with household incomes at or below 120% of the Area Mean Income for the full 99-year term.