Land gobbler: Lennar pays $25M for dev site near Pinecrest

The 10-acre property is approved for 34 townhomes and 20 houses

Lennar's Stuart Miller and the development site at 8290 Southwest 120th Street (Lennar Corporation, Google Maps)
Lennar's Stuart Miller and the development site at 8290 Southwest 120th Street (Lennar Corporation, Google Maps)

For the second time this month, Lennar acquired another builder’s development site, dropping $24.5 million for 10 acres near Pinecrest. The land was slated for a 54 townhouse and single-family home luxury project.

Lennar, led by Executive Chairman Stuart Miller, bought the 433,422-square-foot lot at 8290 Southwest 120th Street in an off-market deal, according to a press release. The seller is Sabal Development, a company known for building spec mansions in Miami Beach. An entity managed by Sabal’s founder and CEO Pascal Nicolai paid $6.3 million for the vacant property in 2015, records show.

Sabal previously obtained approvals from Miami-Dade County to rezone the property for 34 townhouses and 20 single-family homes, the release states. The site is in an unincorporated area known as Veridian Grove, adjacent to Pinecrest.

Last year, Sabal sold two non-waterfront Miami Beach homes for $5 million and $5.5 million in separate deals, marking rising prices for dry lot houses in Miami Beach.

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Earlier this month, Lennar paid $7.4 million for 188 acres within the master-planned Arden community near Wellington. Boston-based investment and development firm Freehold Capital Management sold the land to Lennar.

The Miami-based homebuilder also went on a buying spree in January. In a $22.5 million deal, Lennar bought 25.3 acres in Homestead from an entity tied to homebuilder Pedro Adrian, of Adrian Homes, according to records. Last year, Adrian’s affiliate obtained approval to build a two-building, 250-townhouse project with a clubhouse, pool and playground.

Also in January, Lennar paid $19.2 million for a portion of a closed golf course west of Delray Beach that is approved for a residential development. Palm Beach County previously granted the seller, an affiliate of 13th Homes, permission to build Delray Trails, an age-restricted community with 251 townhouses and 164 single-family homes.