MIAMI, May 10, 2024
/PRNewswire/ -- Miami-Dade County
Commissioner Kionne McGhee is proud
to announce a major economic development initiative that will
significantly benefit the South-Dade community. In response to
recent inquiries regarding the economic viability of the proposed
Costco development on a County-owned site held by the Miami-Dade
Water and Sewer Department (WASD), Commissioner McGhee outlined the
substantial positive impact and economic benefits this project
brings to District 9.
"The site in question, acquired by the County for
approximately $2.7 million in 2003,
has remained unused by WASD, providing no value to the
community for over two decades. In a strategic move to revitalize
the area and boost economic growth, a leading South Florida developer proposed to purchase
the site and build a Costco store. This development will not only
add the site to the County tax roll but also create local jobs and
deliver lasting economic benefits to residents in the West Perrine
Community Redevelopment Area (CRA) and surrounding
neighborhoods," said Commissioner McGhee.
An independent economic impact study conducted by Miami Economic
Associates, a firm with over 40 years of experience
in Miami-Dade County, estimates that the ten-year cumulative
economic benefit from the project exceeds $217 million. This includes benefits from sales
tax, real estate taxes, employment, and gasoline savings.
The developer agreed to purchase the site for $8.1 million, which is higher than the assessed
value established by the county property appraiser. Contrary to
third-party comparisons, the developer's purchase price is based on
the actual value of the property and not on comparables near
the airport or within transit-oriented developments.
In addition, the developer has committed to providing 5,000 free
memberships to individuals in the area earning less than
$50,000 per year. The developer has
entered into a memorandum of understanding with WASD to
provide expertise at no profit for the development of 400 units of
attainable housing for WASD employees on another County-owned
site.
Commissioner McGhee emphasizes that Costco, known for
paying the highest wages in the retail industry, must maintain
consistency in wage rates among its stores and cannot comply with
the Mayor's request for a specific wage rate for this new
store.
"This project represents a transformative opportunity for our
community and the CRA," added Commissioner
McGhee. "It's time to move beyond politics and unlock the
potential of this underutilized site for the greater good of our
residents."
Contact
Brandace
Dean
bd@hiprockstar.com
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SOURCE Miami-Dade County