The Real Deal Miami

Lennar buys 244 acres from Huizenga

Builder pays $40M for land west of 776-home project in Parkland
October 15, 2013 10:05AM


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.

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