BBX sells chunk of Bonterra to Lennar for $24M
Company still controls 86 acres, broke ground on project last month
December 23, 2015 12:00PM
A rendering of the Bonterra townhomes in Hialeah
BBX Capital Corp. just sold a big piece of its upcoming Hialeah housing community Bonterra to the Lennar Corp. for $24.16 million.
The sale, which was recorded in Miami-Dade County on Friday, covers about 36 acres of land west of I-75 and north of Northwest 146th Street in Hialeah.
Fort Lauderdale-based BBX was originally going to develop the vacant parcels alongside CC Homes as part of their master-planned Bonterra community. Earlier this year the two scored a $35 million construction loan from Florida Community Bank.
Lennar now plans to build 463 houses, townhomes and villas on that tract, according to a news release from BBX.
BBX still controls 92 acres or about two-thirds of the 128-acre development site, and partner CC Homes began construction on the first batch of houses last month.
Including the portion Lennar plans to build, Bonterra will have 1,171 houses and apartments when it’s completed. The massive community will also feature a handful of parks and a 15-acre lake, according to the news release.
“We are excited to have Lennar bring their extensive home building experience to Bonterra,” Seth Wise, president of BBX Capital Real Estate, said in a statement.
Miami-based Lennar is one of the nation’s largest home building companies. The firm is already involved in building a housing community immediately to the south of Bonterra called Aragon.— Sean Stewart-Muniz
Source: The Real Deal