Updated Oct 14, 2026
Lennar Acquires 11-Acre Development Site In Florida City For $18M
75 W Palm Dr
$18,000,000
Building Size
—
Asset Type
Development Site
Closing
Dec 27, 2023
About this deal
AI
Lennar, the Miami-based developer, has purchased a development site in Florida City for $18 million. The site spans approximately 11 acres and is located at 75 West Palm Drive. The seller, Louis Carricarte of Cordial Holdings, had previously planned a 174-townhome complex called Ocean Gate Village on the property.
Summary of transaction details
- Property Type: Development site
- Sale Price: $18,000,000
- Address: 75 West Palm Drive, Florida City
- Market: Florida City
- Buyer: Jon Jaffe & Stuart Miller - Lennar
- Seller: Louis Carricarte - Cordial Holdings
This acquisition adds to Lennar's robust development portfolio in south Miami-Dade. In addition to the 11-acre site in Florida City, Lennar also owns a nearby 40-acre site for a 231-single-family home project. The purchase price for the Florida City site equates to approximately $1.7 million per acre.
On the Map
$18,000,000
Development Site
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Players
Florida City Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.88%
Cash-on-Cash
-0.25%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93