Lennar paid $54 million for 172 homesites at a planned mixed-use project in Wellington, marking the homebuilder’s continued residential investment.
Miami-based Lennar bought the nearly 52-acre vacant property west of U.S. 441 and south of Old Hammock Way, according to records and real estate database Vizzda. The seller is an affiliate of Boca Raton-based development firm Lotis Group, led by John Markey, Adam Freedman and James Gielda, records show.
The property will be developed as the second phase of the Lotis Wellington mixed-use project. It will consist of 100 single-family homes and 72 townhouses.
The site has approval for an 18,000-square-foot day care, 1,000 square feet of offices and an 8,000-square-foot mini-golf facility, the South Florida Business Journal reported.
Lotis Group is developing the project’s first phase with the 372-unit garden-style complex called The Square & Residences at Lotis Wellington, as well as 60,000 square feet of medical offices and 61,400 square feet of commercial space. In March, Lotis scored a $44 million loan from BlueFin Financial for site preparation and infrastructure for the first phase.
Wellington, known for its equestrian estates, hasn’t experienced much of the development boom that’s gripped most of South Florida.
An exception is Mark Bellissimo and his partners’ plan for Wellington North and Wellington South. Wellington North will consist of 49 single-family homes, 47 townhomes, a clubhouse and golf facility. Wellington South will have 107 luxury villas and five 4-acre farms on 290 acres. Bellissimo’s Wellington Equestrian Partners and Nexus Luxury Collection are developing the project. Investors in Nexus include Tiger Woods, British billionaire developer Joe Lewis’ Tavistock Group, golf great Ernie Els, Justin Timberlake and founding eBay president Jeff Skol.
Led by co-CEOs Stuart Miller and Jon Jaffe, Lennar has been on a development spree in South Florida.
Last month, the firm and the Toledano family’s BH Group launched sales of the Greenview at Presidential Estates complex with 103 single-family homes at 19650 Presidential Way near Aventura. In Parkland, Lennar paid $52.5 million last month for a 75-acre site approved for 205 single-family homes next to the homebuilder’s Parkland Bay and Cascata at Miralago.