Miami-Dade County Announces Economic Development with Costco Project

Miami-Dade County Commissioner Kionne McGhee unveils a significant economic development project aimed at benefiting the South-Dade community.

Background and Proposal Overview

Commissioner McGhee responds to inquiries about the economic viability of a proposed Costco development on a County-owned site managed by the Miami-Dade Water and Sewer Department (WASD). The site, acquired in 2003 for $2.7 million, has remained unused, prompting a proposal from a leading South Florida developer to purchase and build a Costco store.

Economic Impact Assessment

An independent economic impact study by Miami Economic Associates predicts a cumulative economic benefit of over $217 million over ten years. This encompasses various factors such as sales tax, real estate taxes, employment, and gasoline savings.

Purchase Agreement and Property Value

The developer agrees to purchase the site for $8.1 million, surpassing the assessed value. Contrary to comparisons, the price reflects the property's actual worth rather than nearby properties or transit-oriented developments.

Community Benefits

The developer commits to offering 5,000 free Costco memberships to individuals earning less than $50,000 annually in the area. Additionally, a memorandum of understanding with WASD outlines plans for 400 units of attainable housing for WASD employees on another County-owned site.

Labor Considerations

Commissioner McGhee stresses Costco's reputation for high wages in the retail sector but notes the inability to comply with the Mayor's request for a specific wage rate for the new store.

Conclusion and Vision

Commissioner McGhee sees the project as transformative for the community and the Community Redevelopment Area (CRA), urging a focus on the site's potential benefits rather than political concerns.