The Real Deal Miami

Lennar buys 7-acre development site in Tamarac

Lennar bought it for $2.9M
March 10, 2015 11:15AM

5931 West Commercial Boulevard and Peter Mekras of CREC

5931 West Commercial Boulevard and Peter Mekras of CREC

An affiliate of Lennar Corp., the country’s largest homebuilder, just purchased 7.3-acres of land in Tamarac that is zoned for townhomes.

Miami-based Lennar Homes paid $2.9 million for the land, which was sold by Sunrise-based Perry Ventures. Located at 5931 West Commercial Boulevard, the property is zoned for up to 68 townhomes and is vacant except for a tennis court.

Peter Mekras, senior vice president of real estate firm CREC, represented both parties in the sale. Mekras also represented Perry when it first bought the property for just under $1 million in late 2013.

Aventura-based developer Woodlands THJV announced plans to build a townhome community dubbed Chelsea Place on the lot in December, but those plans apparently fell through.

“Homebuilder lot inventory in the Broward County market has evaporated as demand for new homes far exceeds deliveries,” Mekras said in a statement. “Large tracts of land that can be entitled for the homes that the masses can afford no longer exist in South Florida.  A national homebuilder buying a site for only 68 homes is indicative of that trend.” — Sean Stewart-Muniz