DEVELOPMENT AND LEASE AGREEMENT WITH PINE DEVELOPMENT

Housing Committee · 2026-07-14 · resolution

A resolution to approve a development and lease agreement with Pine Development, LLC for a 36-unit affordable housing development on 1.24 acres of County-owned property within the Metrorail right-of-way at the intersection of East 21st Street and East 4th Avenue in Hialeah, Florida. The project was deferred by the Housing Committee on 7/14/2026 to the 10/14/2026 meeting. The lease is for a 99-year term with projected revenue to the County of approximately $21,000,000.00. The development will include a four-story building with 36 residential units of approximately 500 square feet each and approximately 1,500 square feet of ground floor retail space. Units will be rented to households at or below 120% of Area Median Income (AMI). The developer will pay an annual development fee of $37,000.00 until lease execution, then annual rent of $37,000.00 for the first two lease years, increasing by three percent annually thereafter. The proposal was unsolicited and non-competitive under Section 125.379 of the Florida Statutes. Public comment concerns included lack of consultation with the new Hialeah administration, affordability of units at 120% AMI, the project being changed from senior to affordable housing, lack of a community benefits package, and the use of a transit asset without a competitive process.