Lennar Homes now has an opportunity to purchase one of the largest chunks of developable land still available in Broward County.
The Miami home builder, led by CEO Stuart Miller, and seller New York-based KBNP signed a right of first refusal for the nearly 153-acre Davie Commons site, South Florida Business Journal reported. Lennar and KBNP have until December 2015 to secure development entitlements or the contract can be voided by either side.
KBNP had acquired the land through foreclosure after purchasing the debt from KeyBank. The Jeffrey and Jacquelyn Soffer-led Turnberry Associates previously owned the site and wanted to develop a 2 million-square-foot mixed-use project. Residents and officials in Davie and nearby Weston scoffed over the potential traffic impact of the proposed development, and Turnberry never received government approval before losing the land to foreclosure. [South Florida Business Journal] — Eric Kalis