**Miami-Dade County Approves Land Lease for $2.6B Apartment Development**
Last week, Miami-Dade County officially approved a major development proposal to build 5,720 apartment units on public land. The project, supported by development partners Swerdlow Group, SJM Partners, and Alben Duffie, is expected to cost more than $2.6 billion.
The mixed-use development will be constructed on land that has been leased from the County for 99 years. The project includes a total of 5,720 residential units, with 2,284 designated as affordable housing and 3,446 as workforce housing. In addition to the residential component, the site will feature 370,000 square feet of commercial, office, and school space, a Tri-Rail station to support a potential local commuter line on the FEC Railway, and 250,000 square feet of dedicated green space.
Under the terms of the lease agreement, the developers will make $45.8 million in ground lease payments, contribute $5.3 million annually in lease payments, and remit 30% of the estimated $37.6 million development fee to the County. Additionally, the County will receive 16% of the net proceeds from any future sale or refinancing of the property.
The development team must still secure zoning and site plan approvals before construction can begin.
