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 repaid at year 15 with 2% interest; the developer and CRA said those combined repayments offset the CRA’s initial $3,000,000 outlay. The development team also said it would use non‑competitive 4% low‑income housing tax credits to finance the affordable housing portion so the project could move forward without waiting on competitive funding cycles.

Money already spent and funding sources City staff told the board the parcels assembled by the CRA were purchased with federal ARPA funds and that the CRA has already expended roughly $200,000 on clearing and site preparation; staff said the proposed closing payment would make the CRA whole for that previous expense. The development team presentation also estimated that, because the project will not seek tax exemptions, the project will generate annual tax increment revenue (the team cited roughly $200,000 per year as an estimate) that would flow back to the CRA to fund ongoing public investments.

Program, timeline and constraints The development program presented to the board includes a multi‑building scheme with live‑work and for‑sale townhomes, a multifamily building and shared parking. Developers said the townhome phase is intended as Phase 1 and could begin construction as early as 2026; the multifamily phase could break ground later in 2026 with full project completion targeted for 2027, provided permitting and utility work are completed on schedule.

Developers said the project is financing‑sensitive; to avoid long delays they designed the plan to rely on non‑competitive 4% Low‑Income Housing Tax Credits so construction can begin without waiting for competitive awards.

Board questions and concerns Board members pressed developers and staff on affordability guarantees, density, infrastructure and schedule.

• Board member Alola said the regional market and recent legislation had made her cautious about density, but she stopped short of withholding support: “The legislation in general for residential development has also seemingly become more and more aggressive. So that that does concern me,” she said, while noting she supported the redevelopment vision in general.

• Board member Davis asked what would prevent future changes to the affordable unit share; a development team representative said the parcels delivered by the county carry restrictions that require at least 51% of units to be affordable at up to 80% AMI, and that affordability limits will be written into the development agreement.

• Multiple members asked about utility capacity; city staff and the CRA said the utilities must be upsized before full build‑out and that a portion of the CRA investment would be dedicated to sewer and water improvements.

Public benefit and community features The team emphasized public amenities included in the project: a linear park along Railroad Avenue, a Ground‑Level plaza meant for events or a farmers market, rooftop community space and investment in public art and streetscape improvements. The project also proposes a mix of housing types — including townhomes and live‑work units — to support neighborhood retail activation.

What was decided The CRA board approved the requested action to proceed with negotiations on the general terms presented and directed staff to return with a formal development agreement for board approval. Staff and the developer team said they will continue work on design, environmental remediation and utility planning and will prepare a final package for the board.

Votes at a glance • Motion: Authorize CRA director and the city manager to negotiate a development agreement for the Triangle redevelopment and return to the board for approval. Moved: Board member Bailey. Second: Board member Cannonball. • Vote: Davis — yes; Cannonball — yes; Ross — yes; Avila — yes; Bailey — yes; Vice Chair Fletcher — yes; Chair Lassner — yes. Outcome: approved.

What the development team said “Good evening, everybody. We’re excited to be here today,” Gabriel Duarte, director of development for the proposers, told the board during the presentation. The team told the board they had conducted a third‑party economic impact assessment and that the project would produce construction jobs and ongoing tax revenue if completed as presented.

What to watch for Staff told the board the next steps are negotiating and drafting a formal development agreement, finalizing utility engineering, and continuing community engagement on project design. The CRA also noted a 2029 project completion target in connection with parcels conveyed by Miami‑Dade County; staff emphasized meeting those deadlines will be a condition of the final agreement.

Background The Triangle site was assembled by the CRA and in part by Miami‑Dade County; the project was advertised in a request for proposals that required mixed‑use development with a significant affordable/workforce component. The CRA and the city stressed that the board’s May 28 action was an authorization to negotiate general terms and that the final legally binding development agreement must return to the CRA for approval before the project proceeds.

Ending note Board members said they would continue to press for clear affordability protections, firm timelines for utility upgrades, and design features that guard the existing neighborhood’s character as negotiations move forward.