Little Havana Land Hand-Off: Miami Sweetens The Pot For Developers On ‘Affordable’ Towers

Miami is quietly teeing up a major land hand-off in Little Havana, shifting several prime city-owned parcels to private developers in exchange for roughly 500 affordable and workforce apartments. The package includes the former Optica Lopez site and other lots the city bought in recent years. Backers say the deals will finally speed construction in a neighborhood squeezed by soaring rents. Skeptics see free land, rich subsidies and long leases that could look a lot like a giveaway. The arrangements grew out of an initiative pushed by outgoing Commissioner Joe Carollo and are now moving forward with three separate development teams.

How the city cleared the way

According to city notices and meeting agendas, commissioners signed off on resolutions that waived the usual competitive bidding and authorized either direct transfers or long-term ground leases to chosen developers. Staff told commissioners that locking in 99-year ground leases and other site-control agreements was key to securing construction financing and guaranteeing long-term affordability restrictions. The same votes…..

Story continues

TRENDING NOW

LATEST LOCAL NEWS