Lennar buys Florida City townhomes dev site, Pulte purchases homesites in Palm Beach County

Projects would bring over 300 residential units to South Florida

Lennar, Pulte Buy South Florida Dev Sites in Separate Deals

From left: Lennar’s Jon Jaffe; PulteGroup’s Ryan Marshall; Lennar’s Stuart Miller; 75 West Palm Drive in Florida City (top); 7777 Lyons Road in unincorporated Palm Beach County (bottom) (Getty, Lennar, PulteGroup, Google Maps)

Lennar and PulteGroup bought separate sets of homesites in Miami-Dade County and Palm Beach County, marking continued homebuilder appetite in South Florida. 

Miami-based Lennar dropped $18 million for nearly 11 acres at 75 West Palm Drive in Florida City, according to records and real estate database Vizzda. Cordial Holdings, led by Louis Carricarte, sold the property after filing plans last year for Ocean Gate Village, a complex with 174 townhomes. 

The site now consists of a 113,000-square-foot industrial facility, records show. 

In the other deal, Atlanta-based Pulte paid $30.3 million for 43.6 acres west of Lyons Road and about a block south of Hypoluxo Road in an unincorporated area of west Palm Beach County, according to a news release from the homebuilder. Pulte, through its DiVosta Homes subsidiary, plans 131 single-family homes in a community called Greyhawk Landing. 

The development site, at 7777 Lyons Road, was formerly farmland. Records show an entity led by Rebecca and James Byrne is the seller. 

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Although some developers paused planned projects in South Florida this year due to elevated interest rates and higher construction costs, others continued to pursue townhouse and single-family home projects, especially in suburban areas of the tri-county region. 

Lennar’s Florida City purchase breaks down to $1.7 million per acre. Led by Stuart Miller and  Jon Jaffe, Lennar is a hefty developer in south Miami-Dade. Near Florida City, the firm plans 231 single-family homes on a 40-acre site between Southwest 336th Street and Southwest 340th Street. Lennar paid $7 million for the property in September. 

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Pulte paid $695,300 per acre for the Greyhawk Landing development site. Led by Ryan Marshall, the homebuilder has been betting on other suburban parts of Palm Beach County. The firm will have seven projects in the county once Greyhawk is completed. 

Last year, Pulte bought an 80-lot development site for $8 million at the master-planned Avenir community in Palm Beach Gardens. Pulte also completed the Avondale at Avenir community with 390 single-family homes.