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 lease term is 99 years with projected revenue of approximately $21,000,000.00. Status is Deferred. Introduced 6/22/2026. Housing Committee deferred on 7/14/2026. Agenda date 11/17/2026. The development 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. Units will be rented to households at or below 120% of Area Mean Income for the full 99-year term. Annual development fee of $37,000.00 until lease execution, then annual rent of $37,000.00 for first two lease years, increasing by 3% annually from the third lease year. Total revenue estimated at $21,145,998.12. Waives Resolution No. R-407-19 requiring public notification prior to non-competitive lease. Federal Transit Administration has issued written concurrence. Public comment sentiment is not stated.