A co-owner of MasTec has proposed a $500 million mixed-use development on land owned by Miami-Dade County. According to the South Florida Business Journal, the project would cover 146.8 acres and feature workforce housing, retail space, a hotel, warehouses and recreational facilities including sports amenities. The County Commission will review the proposal next week with Juan Carlos Mas leading the project.
The terms of the proposal state that:
– The tenant would pay $17.33 million in rent over a 30-year period.
– The developer must invest at least $500 million into the project.
– At least $15.6 million must be spent on public infrastructure construction.
– A minimum of 767 jobs must be created.
The contract also outlines specific requirements for various components of the development:
– There must be at least 1,000 multifamily units.
– Retail space totaling at least 65,000 square feet should focus on sports and entertainment themes.
– Warehouses covering at least one million square feet are required.
