The subsidiary of LNR Property Corp., a spin-off of Miami-based Lennar Corp., also is proposing a reduction in the width of a loop road right-of-way and the total scope of a lake excavation on the site to the southeast of Southwest 97th Avenue and Southwest 216th Street.
While some reduction in building density is being proposed, Doyle Dudley, Lennar Corp. land division president, tells GlobeSt.com the request for modifications on the existing site master plan is an "unremarkable" step aimed at giving the company more administrative efficiency over the ongoing development of Lakes by the Bay.
Some of the parcels in the 4,026-unit development are approved for high-density use, Dudley acknowledges, and the proposed plan amendments could result in a reduction in the total number of planned multifamily units. "But there is no material change to the project," he says.
As approved in 1989, the site's master plan prohibits any increase or reduction in the site-plan density that exceeds a cap of 10%. While retaining the 10% cap on any increase in building density, the proposed amendment to the site master plan would allow reductions of more than 10% on certain parcels.
"The applicant has determined, based on its market research and site planning for several of the subject parcels, that a sensitive and appropriate development of some of the parcels will result in a reduction of more than 10% of the master plan density for such parcels," according to a letter that Miami attorney Jeffrey Bercow submitted on behalf of Lennar Land Partners. "Since such density reductions will result in correspondingly reduced impacts on county facilities, services and resources, (the) applicant believes that it is in the public interest to allow such reductions to be approved on an administrative basis."
Since acquiring a total of about 542 acres in 1989, Dudley says Lennar has built about 3,000 units in the Lakes by the Bay development. The 542 acres originally was a part of a 2,799-acre mixed-used development site originally owned by Saga Development Corp.
In the late 1970s, Saga Development subdivided the property and sold its interests to Fidelco Growth Investors Inc. and Cadillac Fairview South Dade Inc. Cadillac Fairview later sold its interest to Lennar and its affiliates.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
