Lennar buys development site near American Dream Miami for $51M
Lennar paid $41M for land immediately south in January, bringing total to $96M
December 28, 2016 10:30AMBy Katherine Kallergis
Development site in Hialeah. Inset: Stuart Miller
Miami-based Lennar picked up more than 100 acres near the site of the planned American Dream Miami mega mall for $51 million.
Records show Two Lakes Lennar LLC purchased 102.3 acres west of I-75 in Hialeah from Atlas Hialeah Heights LLC, an entity managed by Dania Beach-based Dacar Management.
The site, which borders Northwest 170th Street to the north, is part of a bigger 135.3-acre plot, which received approvals earlier this year for up to 1,082 residential units (or eight units per acre) and 75,000 square feet of commercial/retail space.
As part of the development agreement with the city, the project’s site plan will likely be pedestrian friendly with increased access through sidewalks and promenades, shade, lighting, landscaping, open space for plazas and parks; a mix of housing, and a walkable commercial/retail component. The developer will also build two roads on Northwest 170th Street, documents show.
Lennar has been busy buying nearby land. The same affiliate paid $41 million in January for 130 acres immediately south. Betty Dunn was the seller. Later that month, Lennar also bought a 143-acre site in Miami Lakes on the east side of I-75. It was part of a 155-acre plot that was approved for 505 homes.
The properties are south of the future site of the largest shopping mall and entertainment complex in the United States. Iranian-Canadian developer Eskandar Ghermezian has plans to build American Dream Miami on more than 200 acres of former cow pasture in northwestern Miami-Dade County.
Earlier this month, the homebuilder reported an 11.3 percent boost in earnings for the fourth quarter of 2016, and 13.5 percent for the year. Fourth quarter net earnings for the country’s second biggest homebuilder (after D.R. Horton) in 2016 were $313.5 million compared to $281.6 million in the fourth quarter of 2015.
Source: The Real Deal