Former California Club Golf Course Purchased For $40 Million

Oct 25, 2017 No Comments by

What was the largest tract of land in Dade County zoned for residential that was still undeveloped is now in the hands of a new development team with plans for 690 new homes.

The 181.4-acre site located at 20898 San Simeon Way was sold by the Mazel Group, managed by Yehuda Backer of Brooklyn, NY, to San Simeon Lennar LLC, a subsidiary of the Miami-based homebuilder.

 

Michael Rosen, partner in the Miami office of Fowler Rodriguez, served as counsel to the Mazel Group, stated that, “this was such a significant transaction because of the sheer size of the property and the future impact it will have to the Miami community with the addition of nearly 700 homes.  The community has kept a keen eye on this property over the years as there have been plans to develop the property, which has now changed hands but will see development work continue.”

The Mazel Group had been in the early stages of infrastructure development at the time of the sale when the property sold.  As the transaction for the land closed on October 3, 2017, San Simeon Lennar will now continue with its development plans for the site, which includes almost 300 villas and 350 townhouses, and approximately 50 single-family homes, as well as a community park, clubhouse and pool.

 

Rosen continued, “this was a complex transaction that took approximately six months to negotiate and close.  Lennar needed several extensions during the due diligence period so it could have the time needed to work with various third parties and the Miami-Dade County to make changes it wanted to the development plans. There was also ongoing litigation with a neighboring homeowner’s association over Mazel Group’s right to an access easement across the neighbor’s entrance, which culminated in a final judgment in my client’s favor.”

 

 

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