Lennar has purchased 31 acres in the Redlands area of unincorporated Miami-Dade County for $16.3 million, according to property records. The acquisition includes 97 homesites at the intersection of Krome Avenue and Southwest 288th Street. The seller was Adrian Homes, led by Pedro Adrian, which previously acquired the properties for a total of $11.5 million in two transactions during 2022 and 2023.
The planned development, named Redlands Ridge, will feature a site plan designed by Pascual, Perez, Kiliddjian, Starr & Associates. Lennar applied for rezoning last year and is utilizing a workforce housing density bonus that allows for up to 3.1 dwelling units per acre.
Sales have already begun for Redlands Ridge, with Lennar currently marketing 78 homesites on its website. The homes are planned to range from three to five bedrooms and between 1,800 and 2,800 square feet in size. Prices listed on Lennar’s website range from $646,000 to $816,000.
Lennar is one of the largest homebuilders in the United States and has several projects underway in South Florida. In June, it proposed a new project with 106 townhomes near Homestead and received approval for another development featuring 50 townhomes in Wilton Manors starting at $800,000 each. Earlier this year in February, Lennar announced plans for Rodan Estates—a community with 192 single-family homes in south Miami-Dade County.
Recently, Warren Buffett’s Berkshire Hathaway invested nearly $800 million into Lennar by purchasing more than seven million shares. Following this investment news, Lennar’s stock price rose to $140 per share as of Thursday afternoon.
