Mas Family Member Proposes $500M Mixed-Use Project in Miami-Dade County
The massive 147-acre plan features athletic fields and a rec center, plus retail, a hotel, industrial, and at least 1,000 affordable housing units
By Julia Echikson October 31, 2024 10:45 pm
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A member of the billionaire Mas family has proposed a $500 million mixed-use development with a sizable affordable housing component in Miami-Dade County.
The 147-acre development at 20000 Northwest 47th Avenue in Opa-locka would be built in six phases on county-owned land by an entity tied to Juan Carlos Mas, chairman of Mas Group of Companies and whose father founded Mastec, a major infrastructure services provider.
The first phase of the proposed development is expected to cost $73 million. It would span 20 acres and feature athletic fields and a 25,000-square-foot, privately owned indoor recreation center.
The next phase, which is slated to cost $138 million, would house no less than 65,000 square feet of retail space that would likely be entertainment venues and sports-themed restaurants. The second phase would also include no fewer than 1,000 rental units for those earning up to 120 percent of the area’s median income.
The third phase would feature a hotel with at least 100 rooms and additional retail space, which together are expected to cost $142 million. The final three phases would each cost $49 million and include at least 1 million square feet of industrial space.
The Miami-Dade County Commission is set to hear the proposal for the ground lease on Nov. 6. Under the proposal, Mas’s company would pay $17.3 million over 30 years, with the rent of the first year set to cost $181,645. The project would also compel the developer to spend at least $15.6 million on public infrastructure.
The previous tenant, which planned to build a two-mile driving course, failed to comply with the terms, according to a filing made to Miami-Dade County. In 2022, the county sought to cancel the lease.
In addition to the rent, Mas’s company would pay $367,104 for past-due rent, $1.3 million in reimbursement for expenses tied to demolitions, and $1.4 million in damages on behalf of the previous lessee.
If approved, the project would mark the second major development between the Mas family and local government.
Juan Carlos’s brothers Jorge Mas and Jose Mas co-own Major League Soccer team Inter Miami CF, which counts superstar Lionel Messi as its captain. Two years ago, the team received approval to build a stadium complex on a public golf course, owned by the City of Miami, though no ground-up construction has begun.
A representative for Juan Carlos Mas could not be reached for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
