Photo by A.M. Holt
Photo by A.M. Holt
One of Doral's largest tracts of land that succumbed to the recession is partially back in the game in the hands of Lennar Homes.
Miami-based Lennar acquired about 58 acres out of 120 acres east of Northwest 107th Avenue and north of 62nd Street. The $44.62 million transaction closed on Dec. 6, according to Miami-Dade property records.
Lennar bought a portion of the 120 acres once planned for a large mixed-use project called Landmark at Doral.
During the last housing boom, the site got city approvals for 1,109 homes, 230,000 square feet of light industrial space and 188,000 square feet of retail and office space. The project stalled during the housing crash and the developer, affiliates of Boca Raton-based EB Developers, ended up losing the land in a bankruptcy case last year. In July 2012, Hollywood-based BTI Partners acquired the property and is now selling it in pieces. The site is divided in three portions.
The north portion, which Lennar owns now, is permitted for residential use. The east portion is for industrial use and the south portion is for mixed use, including multifamily and office, said investor Noah Breakstone, a principal with BTI.
Breakstone, whose group still owns the east and south parcels, recently signed a development agreement with Lennar in order to develop the entire site in unison, he said.
"It is really one team and one master plan," he said. "We are going to cooperate with each other as we proceed forward."
Lennar plans to build a luxury community with three different components, ranging from three-story condo buildings to three-story town homes. The condos would range from 1,300 to 1,600 square feet and prices could start in the high $200,000s. The town homes would range from 1,700 to 2400 square feet and prices could start in the mid $300,000s.
"This community will have approximately 800 homes in a Traditional Neighborhood Design setting with abundant green areas, large street trees and a generous sized clubhouse," Lennar executives replied in an email.
Lennar, which pioneered residential development in Doral in the early 1980s, is now building two other communities in that city. Grand Bay would have about 2,500 homes and St. Moritz would have 52 town homes.