The Real Deal Miami

Lennar affiliate sells 23 acres in Palm Beach Gardens at a loss

Seller is tied to CalAtlantic, which merged with Lennar earlier this year
By Amanda Rabines | August 13, 2018 04:46PM

3090 Lychee Street

A company tied to Lennar Corp. just sold about 23 acres of land in Palm Beach Gardens at a loss.

Property records show Gardens Business Center Palm Beach, LLC, led by Lynwood Bishop Jr. of Lyn Realty, purchased the vacant parcel at 3090 Lychee Street for $6.8 million. That’s down from $9.6 million that the seller paid in 2005, and almost half of what the property was initially listed for in 2009.

The seller, Hilltop Residential LTD, is an affiliate of Standard Pacific Group, which merged with The Ryland Group in 2015 to form CalAtlantic. CalAtlantic was acquired by Lennar Corp. for $5.7 billion in February.

The vacant parcel was once the former Hilltop Gardens Mobile Home Park, which held as many as 150 mobile homes. After the city council rejected plans to build a home community on the site, Standard Pacific re-zoned the property from residential to commercial in 2009 and put it on the market for $12 million. It has since stood vacant.

Donaldson Hearing of Don Hearing of Cotleur & Hearing, a land planning and landscape and environmental design firm working with the buyer, said the property’s current zoning allows for a wide range of commercial uses, including retail and industrial.

Representatives from Lennar Corp. and Lyn Realty were not immediately available to comment.