Lennar building luxury homes at Parkland Bay
The only area left in Broward County for large-scale home construction doesn’t havemuchmore available land to offer.
Parkland Mayor ChristineHunschofsky saidWednesday during a groundbreaking of Lennar Corp.’s Parkland Bay that the 400-acre tract is one of the city’s last housing developments in the pipeline. The only others are Lennar’s Cascata at MiraLago and three 55-and-over communities, she said.
Over the past several years, Lennar, WCI Communities Inc., CalAtlanticHomes andToll Brothers have built more than1,500 homes in Parkland, an upscale suburb in the northwestern corner of Broward.
AnthonyTrella, an industry consultant in South Florida, described the single-family homebuilding in the city as the county’s “last hurrah.”
“We are evolving into a society going forward of high-density, multifamily housing,” he said.
Because theEverglades limits far western development, Broward is one of the most land-constrained counties in the state, analysts say.
Miami-based Lennar launched sales lastweek at Parkland Bay, a 552-home community nearWest Hillsboro Boulevard andNob Hill Road.
Homes range from2,250 to 7,000 square feet and are priced fromthe $500,000s to $2 million. The first buyers are expected tomove in early next year.
To gain city approvals for the development, Lennar agreed to pay $7.7 million to Broward County Public Schools. The company also created park space in Parkland Bay, aswell as a private entrance for police and firefighters so they can respond more quickly to emergency calls in nearby communities.
“They reallyworked with us,” Hunschofsky said of Lennar. “We wanted to make sure any additional growth is thoughtful.”
WCI originally sought approvals to build Parkland Bay. But Lennar acquiredWCI earlier this year for about $643 million.
Lennar reported last month that first quarter sales dropped to $130.8 million from$144.1 million in the same period a year ago. Despite the decline, CEOStuart Miller said he’s optimistic about the housing market, citing higherwage growth and increasing consumer confidence.
Lennar shares closedWednesday at $50.97, up 27 cents.
The builder is temporarily selling Parkland Bay homes fromitsHeron Bay sales center. It so far has deposits frommore than 20 buyers, said Jon Rapaport, division president.
Amenities include a 16,000-square-foot clubhouse with a pool, spa, fitness center, tennis courts, culinary arts center and an entertainment pavilion. The centerpiece of the project is a178-acre lake.
“We have designed this to be a resort lifestyle community,” Rapaport said.“Wewant people to feel like they are coming to a resort, but they get to stay.”
powers@Sun-Sentinel.com, 561-243-6529 or Twitter@PaulOwers