Lennar Eyeing Davie Parcels

Jan 20, 2014 No Comments by

In the struggle to find available land for new home construction in Broward County, Lennar Corp. is trying to resurrect a plan to build townhomes on 16 acres in Davie.

The Miami-based builder is asking the town to approve its application for 78 units on two parcels south of Interstate 595 between Flamingo Road and Southwest 121st Ave. The development would be known as Vaquero Trails.

In 2006, Davie approved another builder’s plans for townhomes on the property. But that project, Flamingo Village, stalled amid the recession. Construction started on six units that remain unfinished, according to Phillip R. Holste, development administrator for the town of Davie.

Lennar last year acquired the two parcels from White Leaf Development LLC for a total of $4 million, Broward property records show.

Lennar does not yet have a price range at Vaquero Trails, though it said it hopes to launch sales this spring.

David Cobb, a regional director for the Metrostudy research firm, said a major builder such as Lennar typically wouldn’t express interest in a 16-acre site. “It just shows the scarcity of land and how valuable even small parcels are in Broward County,” Cobb said.

Lennar and three other builders are planning 1,500 homes in Parkland over the next few years. But analysts say new home construction in the rest of the county soon will be limited to redevelopment.


Source:  Sun-Sentinel

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Broward County Multifamily, Industry News, Multifamily, NA
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