GROUND LEASE AGREEMENT FOR COUNTY-OWNED LAND LOCATED ON PHT

Board of County Commissioners · 2026-07-21 · resolution

Resolution approving the bifurcation of the Jackson Medical Towers Redevelopment Lease Agreement with RUDG, LLC for the second phase of development, for a term of 99 years, for workforce and affordable housing on County-owned land located on a portion of Folio Nos. 01-3135-045-0010 and 01-3135-045-0020. The estimated cumulative rental revenue over the term is $534,923,191 to the Public Health Trust of Miami-Dade County, inclusive of a capitalized lease payment estimated at approximately $41,331,973. The Phase 2 Lease is with Residences at Wagner Creek, LLC, an entity affiliated with RUDG, LLC. The resolution was adopted on 7/21/2026. The project involves refurbishing existing Jackson Medical Towers structures into a 358-unit residential building with approximately 676 parking spaces, modifying the income mix (minimum 20% workforce housing, maximum 30% unrestricted), eliminating a planned 128-unit hotel tower, and accelerating construction completion to December 2029. A provision contemplates a sublease for a vocational high school focused on health sciences. The Public Health Trust has an annual option to lease back a minimum of 20% of parking capacity (estimated 135 spaces) at discounted rates. The capitalized lease payment entails a lump sum of ten percent of fair market value due at financial close (estimated $4,133,197) and the balance due after 33 years (estimated $37,198,776 plus interest). The document does not state any public comment or stakeholder sentiment.