Homestead CRA OKs terms to pursue 132-unit Triangle redevelopment with 51% affordable housing

The Homestead Community Redevelopment Agency voted May 28 to authorize staff to negotiate final deal documents with a private development team for the long‑planned “Triangle” redevelopment in the city’s Southwest district.

The general terms approved by the board envision a roughly 3.3–3.5‑acre mixed‑use project with 132 housing units (51% designated as affordable/workforce housing and restricted up to 80% of area median income), 49% market‑rate housing, 10,000–15,000 square feet of commercial space, a linear park, a public park and other public‑realm investments. The board’s action authorizes the CRA director and the city manager to conclude a formal development agreement and return to the board for final approval.

Why it matters: The proposal would convert an assemblage of CRA‑ and Miami‑Dade County‑owned parcels into new housing and public amenities while requiring the CRA to invest in utilities and public infrastructure. City staff told the board they must upsize water and sewer capacity to support the development, and the CRA’s reported investment and repayment structure was central to the board’s review.

What the board approved and next steps The motion approved at the May 28 meeting asked staff to continue negotiations with the development team and bring a final development agreement back to the CRA. Board member Bailey moved the item; Board member Cannonball seconded. The roll call vote was unanimous in favor.

Under the terms presented to the board, the CRA would make a capital investment of up to $3,000,000 to support site remediation, utility upsizing and public‑realm work. The developer team outlined a repayment package that it said would include a $200,000 payment to the CRA at financial closing and a $2,000,000 capitalized lease…