20 Oct Lennar among buyers of $68 million Broward development site
A development group acquired 170 acres of the Mainstreet at Coconut Creek mixed-use development site for a combined $68 million, then flipped much of that land to a land bank acting on behalf of Lennar Corp.
The farmland, spanning the west side of Lyons Road between Wiles Road and West Sample Road, is one of the largest development sites in South Florida. The developers said the project has a buildout value of more than $1 billion. In the bigger deals, Johns Family Partners, managed by David B. Auld, sold much of its land for $61.24 million to GSR RE Partners LLC, a partnership of Boca Raton-based Rosemurgy Properties, Miami-based 13th Floor Homes, Boca Raton-based Schmier Property Group and Boca Raton-based Giles Capital Group. The same partners also paid $6.75 million to Elster/Rocatica LLC, led by Alex Rosemurgy III, for additional land, and executed a land swap with the city of Coconut Creek to make their development site more compact.
Immediately afterward, GSR RE Partners sold a large portion of the property for $40.4 million to DRP Greenbough 1 LLC, in care of Domain Real Estate Partners in New York. The buyer is a land bank acting on behalf of Miami-based Lennar (NYSE: LEN), which will develop the homes, according to an agreement filed in Broward County. Lennar agreed to pay GSR RE Partners an additional fee every time it sells a home in the community, according to another agreement filed in county records.
CIBC Bank USA provided an $18.85 million mortgage to GSR RE Partners to cover the land it retained after the sale to Lennar.
Overall, Mainstreet at Coconut Creek has 12 development blocks and was approved for 792 apartments, 414 townhouses, 148 villas, 296 condo units and 225,000 square feet of commercial space, including an 80,000-square-foot grocery-anchored retail plaza.
According to the deed and previous records of the types of development planned on each block, Lennar acquired all of the land slated for townhouses, villas, condos and a shared clubhouse. GSR RE Partners retained the rest of the land, including for the apartments and retail.
This deal shows Lennar has pivoted to multifamily, for-sale development in parts of Florida where there’s not much land left to build single-family homes.
“Closing on this property represents a historic milestone for Coconut Creek and the culmination of years of collaboration,” Rosemurgy said. “Mainstreet will transform one of the last remaining large-scale sites in Broward County into a vibrant, walkable community that balances new homes, shops and civic amenities with thoughtfully designed parks and green spaces. We are proud to honor the legacy of the Johns Family Farm as we take this first step toward creating a true city center.”
The developers said the first homes will break ground in late 2025. The site will also include a 14-acre wetland preserve and more than 6 miles of biking and jogging trails.
The Johns family had farmed the land since 1921.
“This closing underscores the confidence our partnership has in the long-term growth of Coconut Creek and Broward County,” said Michael Nunziata, president of 13th Floor Homes. “Mainstreet will be a generational project, delivering a thoughtfully planned mix of residential, retail, civic and recreational uses that will enrich the lives of residents for decades to come.”
Law firm Miskel Backman LLP represented the developers in land use approvals, and Nelson Mullins represented them in closing the land deal and financing.