Lennar Expands Development Efforts in South Miami-Dade with New Townhouse Complex
Miami-based Lennar Corporation is set to enhance the housing landscape in South Miami-Dade by proposing the construction of 106 townhouses through its latest project, called the Retro West complex. This proposed development is located on a 10-acre vacant site at the intersection of Southwest 338th Street and Southwest 192nd Avenue, specifically in unincorporated areas of Miami-Dade County.
Key Details of the Retro West Complex
- Total Units: 106 townhomes
- Workforce Housing: The project includes 11 workforce units
- Unit Size: The townhouses will range from 1,334 to 1,545 square feet
- Ownership Details: It’s currently unclear whether the units will be available for purchase or rent.
Lennar, led by Stuart Miller and Jon Jaffe, previously acquired this site along with others for $21.8 million last year, evidencing a strategic push to tap into South Miami-Dade’s relatively affordable real estate market compared to the core urban areas of Miami.
Strategic Acquisition and Development Timeline
The Retro West site was sold to an entity associated with Marc Valdes and Houdin Honarvar from New York-based DW Partners. This entity is anticipated to act as a land bank, holding onto the property until Lennar is prepared to begin construction. A purchase option agreement signed in January indicates that Lennar aims to finalize acquisition by next April.
Booming Development Scene in South Miami-Dade
Lennar’s Retro West project is part of a broader trend where developers are increasingly focusing on South Miami-Dade. Key reasons for this surge in interest include:
- Availability of Buildable Land: The area offers ample land at competitive prices compared to urban centers.
- Flurry of New Projects: Lennar has submitted numerous applications, including:
- 138 single-family homes near Goulds
- 54 homes in another part of Goulds
- 119 homes in Homestead
In March, the company also acquired three additional residential development sites for $24.8 million. These include:
- Portobello Estates
- Century Park Villas East
- Century Estates Royal
Increased Activity By Other Developers
The current development climate in South Miami-Dade is witnessing notable proposals from various firms:
- Argentine developers Martin Racca and Pablo Buttice are working on a 25-story, 300-unit Live Local Act tower on Southwest 214th Street and U.S. 1/South Dixie Highway.
- David Martin’s Terra aims to create a 724-unit Live Local Act project on a 12-acre site at South Dade Government Center, acquired via a no-bid deal.
Conclusion
With substantial investments and ambitious projects like the Retro West complex, Lennar is poised to play a pivotal role in transforming South Miami-Dade’s housing market. As developers flock to the area, residents can look forward to a growing selection of housing options that cater to various economic needs.
For more information on Lennar’s developments, check out their official website or follow local news sources for updates on upcoming projects.
Related Articles:
- D.R. Horton Proposes 190 Townhouses in South Miami-Dade
- K2 Capital Plans 206-Unit Apartment Project in Goulds
- Lennar Invests $28M in Homestead Development Site
Feel free to explore these links for further insights on the evolving real estate scenario in South Florida.