D.R. Horton Pays $65M for Homestead Dev Site
By Julia Echikson July 8, 2024 1:46 pm
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Homebuilder D.R. Horton dropped $65 million to buy nearly 100 acres of farmland in Homestead, Fla., which it’s planning to transform into a mixed-use development, property records show.
The 96.8-acre site is between Southeast 12th Avenue and Southwest 328th Street, facing the Florida Turnpike. D.R. Horton, a major national home construction company, has had the property under contract since 2021 from the Alger family, which has farmed sweet corn and green beans in Homestead since 1944.
The Arlington, Texas-based developer plans to build Sandero Landing, which will feature 417 multifamily units, 691 townhome units, 62 live and work units, and 216,190 square feet of commercial space, according to a report by Vizzda. Coral Gables-based Valle Valle & Partners is the architect.
Representatives for D.R. Horton and the Alger family did not immediately respond to a request for comment.
Since the pandemic, when South Florida’s population grew and home prices skyrocketed, developers have inched further south to find sites to meet demand. In May, The Estate Companies and Midtown Group paid $14 million for a 21-acre Homestead site, where it plans to build a garden-style project.
Julia Echikson can be reached at jechikson@commercialobserver.com.
