Codina, BBX Capital Buy Broward Site For $39 Million

Jan 01, 2020 No Comments by

Univision sold a mostly vacant property in western Miramar to CC Homes, a homebuilder led by Armando Codina and James Carr, and Fort Lauderdale-based BBX Capital Corp. for $39 million.

Miami-based Lennar Corp. was also part of the deal.

The 117.7-acre site at 17500 S.W. 41st St., at the southwest corner of Bass Creek Road and Southwest 172nd Ave., was recently rezoned for 385 homes, despite some opposition from environmental activists who wanted the site preserved. The community will be called Tuscan Isles. Lennar was the contract buyer during the application process.

Univision Radio Florida, formerly known as HBC Florida, recently sold 31.56 acres of the site to CCB Miramar LLC, a joint venture between BBX Capital and Coral Gables-based CC Homes,  Synovus Bank provided a $14 million loan to the buyer.

CC Homes has built many communities in South Florida, including Monterra in nearby Cooper City. BBX has a real estate division that frequently partners with homebuilders. It previously co-developed Bonterra in Hialeah with CC Homes.

In addition, Univision Radio Florida deeded another 32.38 acres of developable land there to Lennar for $10, according to the deed. It’s not clear if Lennar paid any consideration to Univision for the land other than what was listed on the deed.

The other 53.75 acres at Tuscan Isles was deeded to CCB Miramar and Lennar for $10 and will serve as the roadways, infrastructure and amenity areas for the project.


Source:  SFBJ





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