Trending
Lennar pays $49M for Lake Worth dev site for 166 homes
National builder acquired former equestrian training center approved for houses
Lennar acquired a former equestrian site in Lake Worth, with plans to redevelop the property into 166 single-family homes.
An affiliate of Kennedy Lewis Investment Management, a New York-based credit and fund manager that acts as a land bank for Miami-based Lennar, paid $48.9 million for 105.6 acres at 7563 South State Road, according to records and Vizzda. Lennar also entered into an agreement with the seller to pay an additional $11.7 million on a pro rata basis for each completed home that is sold to an end user.
The seller, an affiliate of Coconut Creek-based Zuckerman Homes, paid $15 million for the assemblage last year. The property, previously used to train racehorses, has 14 barns, 50 groom quarters, a veterinarian lab building, an equipment maintenance building, a restaurant and equine practice tracks and facilities, according to the website for Olympia of Palm Beach, the equestrian organization that operated the equestrian center.
The city of Lake Worth Beach approved Lennar’s land use amendment to redevelop the property earlier this year, records show. Led by Executive Chairman Stuart Miller, Lennar is one of the nation’s largest homebuilders with an active pipeline in South Florida.
Elsewhere in South Florida, Lennar and its partner, BH Group, cleared a significant hurdle in June that was blocking the joint venture’s planned single-family home development at Presidential Estates, a residential community near Aventura. A majority of the existing homeowners voted to approve a settlement agreement to end a lawsuit contesting the project. The settlement still needs final approval from the board of directors of the Presidential Estate homeowners association.
Under the proposed settlement, Lennar and Aventura-based BH agreed to build 103 homes instead of 136 houses from a site plan approved by Miami-Dade County last year.
Also in June, Lennar submitted an application with the county to build 266 townhomes near Princeton, an unincorporated neighborhood in southwest Miami-Dade.