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.





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