Lennar and BH Group are one step closer to moving forward with a single-family home project in northeast Miami-Dade County, after a homeowners association blocking the partnership’s plan agreed to settle.
On Wednesday, 136 homeowners in Presidential Estates, a residential community at 19438 Northeast 18th Avenue near Aventura, voted to approve terms of the proposed settlement agreement, according to an email from the property manager obtained by The Real Deal. The number of homeowners voting yes surpassed the required 51 percent threshold required for approval, the email states.
Under the proposed settlement, Lennar and BH Group agreed to reduce the project’s size and build 103 luxury single-family homes. A site plan approved by Miami-Dade County last year would have allowed the partnership to build 134 houses.
The development site is a 104.3-acre shuttered golf course and clubhouse completed in 1962 that was also named Presidential Estates.
Yet, it’s not a done deal until Presidential Estates homeowners association’s board votes to amend the HOA’s declaration document, which is expected to take place by late September, according to a source familiar with the process.
The majority vote by Presidential Estates homeowners is a key step in resolving several legal challenges impeding the project, said John Shubin, the attorney for Lennar and BH’s development entity.
“This is proof that when you collaborate closely with residents in a positive way to enhance their community you can often reach an agreement,” Shubin said. “Our clients look forward to working hand in hand with the existing homeowners.”
Lennar, the Miami-based national homebuilder led by Stuart Miller, and BH agreed to dismiss a 2007 lawsuit against the association initiated by the golf property’s previous ownership. And the association agreed to dismiss a court petition filed against the county last year seeking to overturn the site plan approval.
The partnership also agreed to deed a new clubhouse and community open space to the association, replace existing pickleball courts with green space and make a $1 million contribution to the association “within 90 days of development activities” commencing, according to a settlement term sheet also obtained by TRD.
In addition, Lennar and BH agreed not to rent any of the new homes, and the developers agreed they will not engage in bulk sales of more than three lots to a single buyer.
On June 20, an affiliate of BH paid $5.8 million for the development site, records show. Led by Liat and Isaac Toledano, Aventura-based BH is partnering with Coconut Grove-based Related Group and Boca Raton-based Pebb Enterprises on several other residential and commercial projects in South Florida.