MasTec Co-Owner Plans $500M Mixed-Use Venture

MasTec Co-Owner Plans $500M Mixed-Use Venture

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.

About the Publisher:
Steve Griffin is based in sunny Palm Harbor, Florida. He’s an accountant by profession and the owner of GRIFFIN Tax and REVVED Up Accounting. In addition, Steve founded Madison Avenue Technology. With a strong passion for commercial real estate, he’s also dedicated to keeping you up to date with the latest industry news.

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