Century Homebuilders buys Miami land for $9M to build new townhomes

Miami /
Apr.April 11, 2016 12:00 PM

UPDATED April 11 2:34 P.M.: Sergio Pino’s Century Homebuilders Group just closed on a $9 million land deal near Westchester and is about to break ground on a new townhome community.

The deal includes 9.6 acres of vacant land at along Southwest 92nd Avenue and Southwest 4th Street in the unincorporated neighborhood of Fontainebleau. County records show the seller was a limited liability company managed by Chateau Group’s Manuel Grosskopf, who’s developing several coastal projects like the upcoming Fendi Chateau Residences.

Pino financed his company’s purchase with an $11 million loan from Capital Bank Corp., and has also filed a notice of commencement to begin construction on 131 new townhomes on the property. The community is called Century Park Place: Pino told The Real Deal units will have three to four bedrooms and will range in size from 1,914 square feet to 2,251 square feet with four possible configurations.

Sales are expected to begin within the next week, with prices ranging from $339,990 to $372,990 per unit. Pino said groundbreaking will commence in the next 90 days.

Century is also developing Midtown Doral, a massive mixed-use project promising to deliver more than 1,000 condos, 230,000 square feet of commercial space and 100,000 square feet of offices to the rapidly changing city.

Grosskopf, through a company called Orot Flagler, bought the land plus a former Florida Power & Light call center from the utilities provider for $37 million in 2011. He then sold the six-story call center for $57.5 million, and has now sold the extra land to Century Homebuilders for another $9 million.

Pino said Grosskopf had gotten zoning approvals for an apartment community with 200-plus units, but Pino decided instead to build townhomes after the neighboring communities were upset by the increased density.

“It really didn’t make sense when I ran the numbers,” he told TRD. “It turned out to be a really good thing; the neighbors are happy.”


Related Articles

arrow_forward_ios
Lennar’s Stuart Miller (Lennar, iStock)
Lennar proposes 1,335 homes and revamped golf course in Homestead’s Keys Gate
Lennar proposes 1,335 homes and revamped golf course in Homestead’s Keys Gate
 Lennar's Stuart Miller with the Southern Boulevard (Google Maps)
Lennar pays $190M for remainder of Arden homesites near Wellington
Lennar pays $190M for remainder of Arden homesites near Wellington
Land gobbler: Lennar pays $25M for dev site near Pinecrest
Land gobbler: Lennar pays $25M for dev site near Pinecrest
Land gobbler: Lennar pays $25M for dev site near Pinecrest
Lennar's Stuart Miller (Lennar, Gogle Maps, iStock)
Lennar sells Landmark at Doral clubhouse to homeowners association for $16M
Lennar sells Landmark at Doral clubhouse to homeowners association for $16M
Château, Fortune launch sales of two-tower St. Regis in Sunny Isles after sellout of nearby project
Château, Fortune launch sales of two-tower St. Regis in Sunny Isles after sellout of nearby project
Château, Fortune launch sales of two-tower St. Regis in Sunny Isles after sellout of nearby project
Stuart Miller, executive chairman, Lennar (Lennar, Dorthy Jacks, CFA, AAS)
Lennar buys 188 acres for homesites at Arden near Wellington
Lennar buys 188 acres for homesites at Arden near Wellington
GL Homes President Misha Ezratti and 9275 Beaujolais Ave in Delray Beach (Ezratti via Lila Photo, Google Maps)
Delray Beach homeowners say clubhouse and other amenities falling apart at GL Homes’ project: lawsuit
Delray Beach homeowners say clubhouse and other amenities falling apart at GL Homes’ project: lawsuit
Century Homebuilders Group's Sergio Pino (Century Homebuilders Group, Google Maps)
Sergio Pino teams up with Treo to redevelop Florida City RV park
Sergio Pino teams up with Treo to redevelop Florida City RV park
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...