DEVELOPMENT AND LEASE AGREEMENT WITH PINE DEVELOPMENT

Housing Committee · 2026-07-14 · resolution

Resolution approving 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 includes a four-story building with 36 residential units of approximately 500 square feet each, about 1,500 square feet of ground floor retail, parking and green space under the guideway. The lease term is 99 years with projected County revenue of approximately $21,145,998.12. The status is Deferred as of the Housing Committee meeting on 7/14/2026. The applicant is Pine Development, LLC. The case file number is 261132. The resolution waives public notice requirements under Resolution No. R-407-19 and Implementing Order 8-4. The Federal Transit Administration has issued written concurrence. The property is in Commission District 6, represented by Commissioner Natalie Milian Orbis, who is the Prime Sponsor. The development will be rented to households at or below 120% of Area Mean Income for the full 99-year term. The developer must complete construction within five years of the award or rights revert to the County. The developer will pay an annual development fee of $37,000 until lease execution, then annual rent of $37,000 for the first two lease years, increasing by 3% annually from the third year. The document does not state any public comment or stakeholder sentiment.