Lennar Paid $53M for 75 Acres Near Outer Corner of Broward County in South Florida
The land is zoned for 205 single-family homes
By Julia Echikson September 17, 2024 1:41 pm
reprints
Lennar Homes, one of the country’s largest homebuilders, paid $52.5 million for developable parcels on the edge of Florida’s Broward County to expand its residential fiefdom, property records show.
The 75-acre site at 15990 Loxahatchee Road in Parkland is zoned for 205 single-family homes. It faces the Everglades National Park and is surrounded by Lennar’s Parkland Bay and Cascata at Miralago communities.
The seller, Brian Tuttle, assembled the parcels between 2015 and 2017, paying nearly $14 million in total, according to records. In 2021, the investor secured the zoning for the residential community.
In 2013, Lennar and Tuttle went under contract after the Miami-based homebuilder provided a $12 million loan to Tuttle, per records. Under the sale agreement, Tuttle is entitled to an additional $97,560 payment after the sale of each house.
Lennar Homes, led by Stuart Miller, has been busy buying up land across South Florida. Over the past two months, it bought two parcels in Homestead, totaling nearly 100 acres, for a combined $45 million.
Tuttle has made a career in land assemblage in South Florida over the past two decades. The investor stepped up as developer with plans to turn a 38-acre site in Wellington into a mixed-use development called Main Street at Tuttle Royale. But the plans hit a snafu when a lender filed $38 million foreclosure proceedings in July, South Florida Business Journal reported.
Representatives for Tuttle and Lennar Homes did not immediately respond to a request for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
