Brian Bandell
Sep 26, 2023
Lennar Homes paid $7 million for a 40-acre development site just west of Florida City.
Lime Grove Realty, managed by Roni O. Jacobson in Miami, sold the farmland at the southwest corner of Southwest 336th Street and Southwest 194th Avenue to the Miami-based homebuilder (NYSE: LEN). Property data firm Vizzda confirmed the buyer and seller information.
Stacy Robins of the Stacy Robins Co. brokered the deal.
The property last traded in 2009, when it was seized in foreclosure.
According to a site plan filed with Miami-Dade County by Lennar and Doral-based architect Pascual Perez Kiliddjian Starr & Associates, the property was approved for 195 single-family homes and 49 villas, along with a park and a playground.
In 2022, Lennar filed plans with the county to build 940 homes on both the Lime Grove site and a neighboring site of 76.9 acres owned by Empower Holdings. Lennar has yet to close on the Empower Holdings site.
While higher interest rates have reduced demand from homebuyers nationwide, Lennar has continued moving forward with home construction while adjusting prices to meet buyer expectations.