GROUND LEASE AGREEMENT FOR COUNTY-OWNED LAND LOCATED ON PHT

Housing Committee · 2026-07-14 · resolution

Miami-Dade County Board of County Commissioners is approving the bifurcation of a ground lease agreement for county-owned land located on a portion of Folio Nos. 01-3135-045-0010 and 01-3135-045-0020. This bifurcation is for the second phase of a workforce and affordable housing development. The project involves refurbishing existing Jackson Medical Towers structures into a 358-unit residential building with approximately 676 parking spaces, a modification from the original plan to demolish and build a new tower. The residential unit income mix is adjusted, and the planned hotel tower is eliminated. A significant financial change includes replacing an initial rent payment with a capitalized lease payment estimated at approximately $41,331,973. The construction schedule is accelerated for completion by December 2029. The lease also contemplates a vocational high school and an option for the Public Health Trust to lease back parking spaces. The total estimated cumulative rental revenue over the term is $534,923,191.