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South Florida

Lennar buys 244 acres from Huizenga

From left: Lennar's David Miller, rendering of a MiraLago at Parkland home and H. Wayne Huizenga
From left: Lennar's David Miller, rendering of a MiraLago at Parkland home and H. Wayne Huizenga

Miami-based homebuilder Lennar Homes paid $40 million last week for nearly 244 acres of agricultural land in Broward County, just west of the company’s MiraLago at Parkland development.

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An affiliate of Fort Lauderdale-based Huizenga Holdings Inc., headed up by billionaire H. Wayne Huizenga, sold the property at 14250 Loxahatchee Road in Parkland at roughly $164,000 an acre. It provided the buyer with a $30 million mortgage.

Lennar plans to develop a gated community of 526 single-family and estate homes and 250 townhouses around a 140-acre lake. Homes will range from $486,000 to $650,000 and from three- to six-bedrooms. Amenities are slated to include a clubhouse, gym, pool and basketball and tennis courts. Lennar bought the site in 2011 for $36 million. [Daily Business Review] — Mark Maurer

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H. Wayne HuizengaLennarParkland