The Real Deal Miami

Dunn family seeks to sell remaining Miami Lakes cow land: $30M

Asking price is nearly $3.2 million per acre

August 10, 2016 10:30AM
By Sean Stewart-Muniz

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The Miami Lakes land (Inset: cow)

The Miami Lakes land (Inset: cow)

The Dunn family wants to sell a 9.5-acre chunk of Miami Lakes development land left over from its deal with Lennar Homes, with an asking price of $30.1 million.

Aerial view of the Miami Lakes land. Lennar's tract is outlined in red, while Dunn's is marked with yellow.

Aerial view of the Miami Lakes land. Lennar’s tract is outlined in red, while Dunn’s is marked with yellow.

In January, a company affiliated with Betty Dunn sold 143 of her 155 acres along Northwest 87th Avenue and Northwest 154th Street — mostly made up of a large lake — to Lennar for $74.4 million.

The homebuilder now plans to construct a new gated community there called Satori, and Dunn hopes to sell her final piece for nearly $3.2 million per acre. Even subtracting the 67 acres of lake, that asking price is considerably higher than the $978,947 per acre paid by Lennar.

Lennar’s plans for Satori include a mix of 238 townhouses and 267 single-family homes.

Rendering of Lennar's Satori community

Rendering of Lennar’s Satori community

Mark Metten of Foreclosure Authority Realty has the listing, according to CoStar Group. A request for comment to Dunn made through Metten was not immediately returned.

Dunn had operated her Miami Lakes land as a cow pasture for years, which is a common maneuver in Florida known as the “rent-a-cow” that gives landowners tax breaks for having cattle on their properties.

Also in January, Dunn sold off an additional 130 acres to Lennar less than a mile from the Miami Lakes land. That deal came in at $41 million.