Related Urban is seeking more years on a ground lease to develop a Live Local Act mixed-income multifamily and office complex on a Miami-Dade County public housing site.
The deal could generate $97.4 million over a century for the county, according to Miami-Dade officials.
On Tuesday, the Miami-Dade County Commission’s housing committee will consider a resolution to extend a 75-year agreement to 99 years with an affiliate of Related Urban, led by Albert Milo. The firm is planning Residences at Palm Court, a 12-story mixed-income apartment building with 316 units and two medical office buildings spanning a combined 5,000 square feet near West Little River. The full county commission would then vote on a final approval.
Related Urban is seeking an additional 24 years on the ground lease so it may qualify for real estate tax rebates through the Florida Housing Finance Corporation, a county memo states.
The developer would tear down the 11-story, 103-unit Palm Tower and the six-story, 88-unit Palm Court on the county-owned 4-acre site at 860, 930 and 950 Northwest 95th Street. Related Urban, the affordable housing arm of Coconut Grove-based Related Group, led by Jorge, Jon Paul and Nicholas Pérez, has a pending site plan application that was filed last year.
Because Related Urban is setting aside 40 percent of the units for affordable and workforce housing, the project is going through an administrative review process under the state’s Live Local Act.
The request for a ground lease extension is separate from the site plan application. If approved, Related Urban would pay the county $90.8 million in total rent over the 99 years, plus $6.6 million in fees, the county memo states.
Previously, Related Urban had planned to renovate Palm Tower, while replacing Palm Court with an eight-story building with 185 units. Under the 75-year agreement approved in 2023, the developer would have paid the county $35.2 million over the life of the ground lease, according to the county memo.
Designed by Miami-based Modis Architects, Residences at Palm Court will have a mix of one- and two-bedroom apartments.
In recent years, Related Urban has secured a handful of ground lease agreements with Miami-Dade to redevelop county-owned public housing sites. In March, the firm submitted a site application to build a 390-unit Live Local Act project for the second phase of its redevelopment of a county-owned public housing complex in South Miami. Related Urban is planning Gallery at SoMi Parc, an 11-story building that would also include 8,700 square feet of retail and 501 parking spaces on a 3.3-acre site.
On an adjacent 2.9 acres, Related Urban last year completed SoMi Parc, a mixed-income apartment building with 172 units.
