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
[email protected]
SOURCE Miami-Dade County
