Lennar moves to Lake Wales with down payment for over 1,100 residential sites – GrowthSpotter

Miami-based home builder Lennar is under contract to purchase the 1,137-unit Hunt Club Grove North and South projects in Lake Wales in Celebration CBD real estate investment.

Sitemaps updated from Dave Schmitt Engineering show Hunt Club North on 126 acres with 448 single-family lots and 147 townhouses in 28 buildings. Five ponds cover nearly 18 acres on the property south of Highway 60, north of Port Salter Road between 11th Street and Hunt Brothers Road.

Hunt Club South – also known as Phase 2 – will have 351 single-family lots and 191 townhouses in 35 buildings on 105 acres located immediately south of North Grove and Port Salter Road, between Hunt Brothers Road and the level crossing of Conrail.

CBD chairman and founder David Waronker paid $6 million in late May to acquire the 230 acres and will sell the finished lots to Lennar. The homebuilder has paid the developer a $7.6 million deposit, indicating it will close permanently by the end of the year, Waronker said.

CBD has purchased another 10-acre site between the north and south neighborhoods named Watts Ranch which the developer will entitle to 90 townhouses off Grove Road and Hamlin Street, Waronker said.

“We’ll just allow it and find out if it will be part of the Hunt Club or not,” is unknown, but “I’ll give Lennar the first chance.”

CBD has a long history of supplying batches to Lennar. Last year, the homebuilder paid $18 million for the 1,160 lot McLeod Ranch subdivision in Eagle Lake.

CBD lost a buyer on another Lake Wales project called Steeplechase, Waronker said. Located south of Highway 60 near Belleview Drive, the 98 acres had been under contract to sell to MI houses to for 322 single-family homes after authorization. MI cancelled, he said. CBD will retain the land after it closes later this year.

“We don’t show the properties to anyone until we get through the midterm elections and get more stabilization, Waronker said. “I think it will get a little worse before it gets better. … We’ll get them licensed, but as for showing it to a builder, not now.

Nationally, the consumer price index rose 8.2% in the year to September, driven by more expensive food, rent and other items. Inflation remains at its highest level in 40 years. Mortgage rates are rising. And private building permits fell 10% in August from a revised rate in July and 14.4% from August 2021, according to the US Census Bureau and Dept. of Housing and Urban Development. The next report is expected to be released on October 19.

The Conference Board, a member-driven think tank, plans a US recession by the end of the year. In its latest CEO survey, 98% of CEOs surveyed say they are preparing for a recession in the next 12 to 18 months.

Groves at Orchard Hills, which adjoins Steeplechase, is under contract to be sold to Orlando Elevation Development. CBD is preparing 905 single-family lots for Elevation between Belleview and Passion Play Road along Highway 17. Waronker sees deal close in first or second quarter of 2023. Lake Wales City Council to review plans later this month -this. CBD is also developing approximately 3.5 acres at Passion Play Road and 11th Street in a neighborhood shopping area with approximately 24,000 square feet of retail/commercial space.

The Iron Mountain CBD community, located along Burns Avenue and Buck Moore Road in Lake Wales, is approximately 2 miles from Bok Tower Gardens.

Another Lake Wales project with an updated site plan is iron mountain, the planned CBD development located on 70 acres along Burns Avenue and Buck Moore Road near Bok Tower Gardens. Waronker reduced the number of units from 345 to 329 to create more open space in the subdivision, which will feature a mix of 40, 50 and 60 foot lots.

Waronker had wanted a walking path connecting the community to Bok Tower – and the botanical gardens created by the famous landscape architect Frederick Law Olmsted Jr.. The foundation that runs the gardens didn’t like the idea, so Schmitt’s plan instead incorporates a viewing area for residents to look out over the 250 acres surrounding the gardens and a bike path.

CBD is expected to complete the purchase of VDM Holdings LLC in the first quarter. “It’s fully equity funded, like all of our projects,” Waronker said.

The developer has more properties under contract or has completed sales in Haines City.

Stanley Martin Houses bought all 256 covered bridge lots at Liberty Bluff on 30th Street, closing last month for an average of $19,750 per lot or $5.23 million, Waronker said. Stanley Martin bought central Florida-based Avex Homes last year.

Also in Haines City, CBD is under contract to sell its 75 Liberty Heights units on Robinson Road to Vacation Builders. CBD is also working on a development deal with KB Homes to expand utilities in Liberty Heights as it builds 301 homes on lots from Ron Howse and Nimby Development Group, Waronker said.

And finally in Dundee, CBD is selling its Landings at Lake Maple Loop to KB Homes and is expected to close in November, Waronker said. The property consists of 217 single family lots on approximately 69 acres on Lake Maple Loop Road. “I think it’s going to close,” Waronker said.

Do you have any advice on developing Central Florida? contact me at [email protected] or (407) 420-6261. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

About Matthew R. Dailey

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