Lennar Homes has successfully acquired a 40-acre development parcel in unincorporated Miami-Dade County. This acquisition follows their decision to forego a legal battle aimed at overturning a zoning requirement for workforce housing.
Property records reveal that Lennar purchased the contiguous 40 acres situated between Southwest 336th Street and Southwest 340th Street for a sum of $7 million from Lime Grove Realty, overseen by Sam and Roni Jacobson.
According to planning documents, the Miami-based housing developer has plans to construct 231 “dwelling units” on this site.
The leadership of Lennar is headed by Executive Chairman and co-CEO Stuart Miller, along with co-CEO and President Jon Jaffe. Former co-CEO Rick Beckwitt officially retired from Lennar at the start of September, as indicated by Securities and Exchange documents, which also disclose a separation agreement of $20.2 million.
The Jacobsons, who were the previous owners of the property, are notable real estate investors and philanthropists based in the Miami area. In 2021, they successfully flipped a residence on Star Island, selling it for $21 million, just nine months after acquiring it for $12 million. Records indicate that they procured a penthouse in Bal Harbour Tower for $6 million the preceding year.
In 2009, they acquired the 40-acre plot, which lies just west of Florida City, for $165,000 following a foreclosure.
Last year, Lennar submitted development plans for the Lime Grove property, along with an additional 77 acres owned by Empower Holdings, a Florida-based entity managed by Juan Carlos Mas. The envisioned development would encompass a total area of 117 acres and is zoned for 940 residences.
Lennar initially contested a zoning stipulation demanding that 20 percent of the homes within the development be allocated for workforce housing. According to project-related filings, they contended that “The removal of this restriction would allow the developer to provide more market-rate dwelling units to address the broader housing supply issue and improve overall market conditions.”
A recent letter filed by Lennar indicates that they have decided to withdraw their application to alter the zoning requirements.
Based in Miami, Lennar stands out as one of the most active homebuilders in South Florida and ranks among the largest residential developers nationally. In August, the company proposed a new project featuring 150 single-family homes near Homestead. Their portfolio in Miami-Dade encompasses a 266-unit townhouse development near Princeton, along with an 80-unit single-family home project near Naranja.
Furthermore, in Palm Beach County, Lennar recently acquired a development site for 166 houses, completing the transaction for $48.9 million just last month.
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