Lennar and BH Group dropped $17.5 million on a shuttered 104.3-acre golf course near Aventura, to redevelop with single-family homes.
The partnership plans to tear up the fairways and build a community with 103 homes on the site at 19650 Presidential Way, BH’s website shows. The redevelopment of the golf course, known as Presidential Estates, will add to the existing gated community of the same name that has 136 homes. The partners expect to break ground next year and complete construction in 2027, according to BH’s website.
Lennar and BH reached a settlement agreement with the Presidential Estates homeowners last year, allowing them to move forward with their plans. As part of the agreement, the developers conceded to reducing the size of the project, not renting any of the new homes, and not selling more than three lots to a single buyer.
Lennar and BH also agreed to drop a 2007 lawsuit between the association and the previous owners of the golf course.
Records show BH Lennar Presidential LLC bought the site for $17.5 million from BH Aventura Presidential Golf Club LLC, an entity controlled by BH principal Isaac Toledano. Toledano’s entity bought the property for $5.8 million in 2020, according to property records. The golf course was built in 1962, according to published reports.
Miami-based Lennar, led by Executive Chairman and co-CEO Stuart Miller and co-CEO and President Jon Jaffe, is one of the largest homebuilders in the country. It has dozens of projects in the works in South Florida alone, including in other parts of unincorporated Miami-Dade County and Florida City.
Isaac and Liat Toledano’s Aventura-based BH is also prolific in South Florida. The developer is partnering with Jorge Pérez’s Related Group on several projects, including a planned 28-story, 144-unit Ritz-Carlton-branded tower in West Palm Beach, a planned 37-story, 350-unit Icon Beach Residences in Hollywood, and a planned 500-key hotel in Hollywood.