The Real Deal Miami

Miami-Dade developers build creatively in land crunch

Lennar looks to repurpose existing buildings instead of buying new land

February 26, 2014 04:30PM

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Rendering of Lennar's "NextGen" homes

Rendering of Lennar’s “NextGen” homes

There’s not a lot of land left to develop in Miami-Dade county, so builders like Miami-based Lennar Homes are designing more niche housing and redevelopments.

“Either you adapt or you die,” said Frank Fernandez, director of sales and marketing for Lennar regarding the state of homebuilding in the area.

Fernandez is now looking at financially distressed and foreclosed lands to redevelop, as well as smaller parcels of land, due to a shortage in available tracts, Miami Today reported.

Recently, Lennar acquired the property for its Landmark development in Doral in 2011 for $44.65 million when AmTrust Bank sought to foreclose on it. Now, many of the 800 “modern” residential units in the community are “Next Gen” homes, which are designed with additional quarters for adult children that still live with their parents.

“These are older parents with children who have graduated from school, who may not have a job and are not yet independent,” Fernandez told Miami Today.

His company supports an expansion of the Miami-Dade development boundary further west that some developers are calling for, but environmental advocates oppose such a move, which could impact the Everglades. [Miami Today] — Angela Hunt

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