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

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

Miami /
Mar.March 28, 2022 05:30 PM

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.

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.





    Related Articles

    arrow_forward_ios
    BH Properties' Steve Gozini and Vornado's Steven Roth with 1100 Lincoln Road (BH Properties, Getty, Google Maps)
    Steve Roth’s Vornado sells Lincoln Road building for $94M, nearly 30 percent less than it paid a decade ago
    Steve Roth’s Vornado sells Lincoln Road building for $94M, nearly 30 percent less than it paid a decade ago
    Aimco's Wes Powell with Edgewater (Aimco) Miami, High Rise
    Aimco plans 60-story apartment tower on waterfront site in Miami’s Edgewater
    Aimco plans 60-story apartment tower on waterfront site in Miami’s Edgewater
    From left: David Huke, Alex Karakhanian, and Abraham Hidary with 1601 North Miami Avenue (LoopNet, Hidrock Properties, LNDMRK Development)
    Hidrock Properties partners with Alex Karakhanian on Miami A&E dev site
    Hidrock Properties partners with Alex Karakhanian on Miami A&E dev site
    Leon Patitsas, CEO of Atlas Maritime, and 225 North Hibiscus Drive in Miami Beach (LinkedIn/Leon Patitsas, Redfin)
    Shipping tycoon buys flipped waterfront Hibiscus Island teardown for $17.5M
    Shipping tycoon buys flipped waterfront Hibiscus Island teardown for $17.5M
    A rendering of the planned project with the Two Roads principals Reid Boren and Taylor Collins (Two Roads Dev)
    Two Roads closes on $150M bulk condo purchase in Edgewater, plans three towers
    Two Roads closes on $150M bulk condo purchase in Edgewater, plans three towers
    Aloft Miami Dadeland hotel at 7600 Southwest 88th Street (Marriot)
    Interdevco pays $16M for Aloft Miami Dadeland hotel
    Interdevco pays $16M for Aloft Miami Dadeland hotel
    A photo illustration of the Apogee Residences Miami Beach at 800 South Pointe Drive (Zilbert, iStock)
    Closing at Apogee tops Miami-Dade’s weekly condo sales
    Closing at Apogee tops Miami-Dade’s weekly condo sales
    Miami Heat's Pat Riley with Surf Club Four Seasons (Surf Club, Getty)
    Miami Heat’s Pat Riley scores a $23M Surf Club Four Seasons condo sale
    Miami Heat’s Pat Riley scores a $23M Surf Club Four Seasons condo sale
    arrow_forward_ios

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

    Loading...