GROUND LEASE AGREEMENT FOR COUNTY-OWNED LAND LOCATED ON PHT

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

The Board of County Commissioners adopted Resolution R-688-26 approving the bifurcation of the Jackson Medical Towers Redevelopment Lease Agreement with RUDG, LLC for the second phase of a workforce and affordable housing development on County-owned land. The Phase 2 Lease is with Residences at Wagner Creek, LLC for a 99-year term. The project involves refurbishing existing Jackson Medical Towers structures into a 358-unit residential building with approximately 676 parking spaces, instead of demolishing and building a new tower. The residential unit income mix is modified to a minimum of 20 percent workforce housing and a maximum of 30 percent unrestricted. The planned 128-unit hotel tower is eliminated. A capitalized lease payment estimated at approximately $41,331,973 replaces the initial rent payment. Construction completion is accelerated to December 2029. A provision is added for a potential sublease for a vocational high school focused on health sciences. The Public Health Trust gets an annual option to lease back a minimum of 20 percent of parking spaces at discounted rates. Total estimated cumulative rental revenue over the term is $534,923,191. The resolution was adopted on July 21, 2026.