Miami’s Largest Hospital Could Ink $1 Billion Deal With Related Group | Florida Medical Office Space

Miami’s Largest Hospital Could Ink $1 Billion Deal With Related Group

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Jackson Health System is considering a $1.05 billion land lease with Related Group to build workforce housing on its Miami campus.

The Public Health Trust Board (PHT) will vote this on the deal for the 3.3-acre site at 1500 N.W. 12th Ave. on Friday, December 20. The site currently hosts Jackson Medical Towers, a 691,584-square-foot building with parking and office space, mostly vacant after JHS moved staff or allowed remote work.

Related Urban Development Group (RUDG) proposes a 99-year lease to replace the towers with a mixed-use project, including 25- and 27-story apartment buildings, a parking garage, an extended-stay hotel, retail, and public spaces. Half of the apartments would be workforce housing for employees earning 50% to 120% of the area’s median income, with JHS staff receiving priority for affordable units.

The deal would generate $1.05 billion in rent over 99 years. RUDG would have two years to secure financing for the first phase, aiming to complete it by February 2030.

Source: SFBJ

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