Lennar, one of the nation’s largest homebuilders, dropped $16.3 million on 31 acres in the Redlands area of unincorporated Miami-Dade County.
The land is slated for 97 homesites in a development dubbed Redlands Ridge. Records show a Lennar affiliate bought the land at the intersection of Krome Avenue and Southwest 288th Street from Pedro Adrian’s Adrian Homes.
Adrian bought the properties for a combined $11.5 million in a pair of deals in 2022 and 2023, according to property records.
Miami-based Lennar applied for a rezoning last year, planning records show. Miami-based Pascual, Perez, Kiliddjian, Starr & Associates designed the site plan. It utilizes a 25 percent workforce housing density bonus, allowing for 3.1 dwelling units per acre, the plans show.
Lennar has already launched sales for Redlands Ridge, although it is currently advertising only 78 homesites, its website shows. The planned homes range in size from 1,800 square feet to 2,800 square feet, with three bedrooms to five bedrooms. Prices range from $646,000 to $816,000, the website shows.
Lennar, led by Executive Chairman and co-CEO Stuart Miller and co-CEO and President Jon Jaffe, is one of the largest homebuilding companies in the country. It has a prolific pipeline in South Florida, with thousands of units planned across the region.
In June, Lennar proposed a 106-townhome project near Homestead. That same month, it won approval for a 50-townhome project in Wilton Manors, with prices starting at $800,000. In February, it proposed Rodan Estates, a development with 192 single-family homes in south Miami-Dade County.
More recently, the developer landed a high-profile investor. Warren Buffett’s Berkshire Hathaway bought more than 7 million shares for nearly $800 million. News of the cash influx sent Lennar’s stock surging, and it now sits at $140 per share as of 2 p.m. on Thursday.