The Real Deal Miami

Lennar buys Horseshoe Lake development site in Davie

Site is approved for 180 townhomes
By Amanda Rabines | January 18, 2018 05:30PM

Development site and Lennar’s Stuart Miller (Credit: Google and Lennar Corporation)

Lennar Corp. just paid $9.65 million for a 30-acre townhome development site in Davie.

Property records show Griffin BC Land, an affiliate of a partnership between MG3 Development Group and ESJ Capital Partners, is the seller. The vacant land, which sits on the south side of Griffin Road between 58th Avenue and 61st Avenue, traded hands for about $352,200 per acre.

MG3 principal Hernan Leonoff said via text that the site was approved in October for the construction of 180 townhomes, as part of a project called Horseshoe Lake.

This isn’t the first time developers who have owned the site passed the baton. In 2007, the property was approved to be a mixed-use project with 204 apartments, offices and retail, called Trotters Chase, according to the Sun Sentinel.

Records show MG3 Development Group and ESJ Capital Partners paid $5.7 million for the site in 2012. Trotters Chase LLC, led by Frank J. Amedia, was the seller at that time.

Last month, Lennar Corp. dropped $7.5 million for another townhouse project in Fort Lauderdale, called Reserve at Edgewood. The Miami-based developer is in the midst of merging with CalAtlantic Group, in a deal valued at $5.7 billion.