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 and approximately 1,500 square feet of ground floor retail space. The lease term is 99 years with projected revenue to the County of approximately $21,145,998.12. The status is Deferred. The Housing Committee deferred the item on 7/14/2026. The resolution waives public notice requirements under Resolution No. R-407-19. The Federal Transit Administration has issued written concurrence. The developer must complete construction within five years of the award of the Development Agreement. Residential units will be rented to households with incomes at or below 120% of Area Mean Income for the full 99-year term. The annual development fee is $37,000.00 until execution of the Lease, then initial annual rent of $37,000.00 for the first two lease years, with a three percent annual increase beginning in the third lease year. No public comment or stakeholder sentiment is stated in the document.