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MasTec Co-Owner Eyeing $500M Mixed-Use Venture
One of the owners of MasTec hopes to build what could be a $500 million mixed-use project on land owned by Miami-Dade County.
The S. Florida Business Journal reports the development on 146.8 acres would include workforce housing, retail, a hotel, warehouses and recreation, including sports facilities. The County Commission will consider assigning the land lease on the property next week. Juan Carlos Mas is fronting the project.
Under the terms of the proposal:
- The tenant would pay $17.33 million in rent over the 30-year lease term.
- The developer would spend at least $500 million on the project, pay at least $15.6 million on public infrastructure construction and create at least 767 jobs.
The contract said the project would have at least 1,000 multifamily, at least 65,000 square feet of retail with a focus on sports and entertainment themes, at least 1 million square feet of warehouses, at least 100 hotel rooms, and at least 20 acres of recreation.
