Lennar drops $28M on Homestead dev site, in contract for Princeton site

One of the largest homebuilders in the country is scooping up more development sites in Miami-Dade County.

Records show Lennar bought a 59-acre site in Homestead for $28 million. The seller, J.F.M. Development Corporation, managed by Nelson Graveran, won approval for a 296 townhouse development on the land last year, Florida Yimby reported. Dubbed Palm Cove Reserve, the planned units would range between 1,400 square feet and 1,700 square feet with three- and four-bedroom floor plans.

The Palm Cove Reserve site is bordered by East Palm Drive and Southeast 12th Avenue. 

Lennar is also in contract to buy 19 acres in Princeton, planning documents show. A 280-unit townhome community has been proposed for the site, including a community pool and cabana, according to the planning documents. Pascual Perez Kiliddjian and Associates designed the project. In March, New York City-based Jen Partners paid $19.6 million for the site to land bank it for Lennar. 

Miami-based Lennar is ed by Executive Chairman Stuart Miller and President Jon Jaffe, who are also co-CEOs; it has dozens of projects in the works across South Florida.

Last month, the firm partnered with BH Group to buy a shuttered 104.3-acre golf course near Aventura for $17.5 million. They plan to redevelop the site with 103 single-family homes.

In February, another Lennar landbank, Garrett Development Corporation, bought a 37.8-acre Florida City development site for $20.4 million. Lennar plans to build a 521-unit townhouse project on the site.