Lennar bought 74.9 acres approved for 205 single-family homes in Parkland from land assembler Brian Tuttle for $52.5 million.
Records and real estate database Vizzda show Lennar bought the land from TLH-70 NSID LLC and TLH Sabra 2 LLC, entities managed by Tuttle and executives at his Tuttle Land Investments. The parcels are adjacent to Lennar’s Parkland Bay and Cascata at Miralago developments, which include more than 1,100 single-family homes.
In addition to the land sale, Tuttle inked an agreement with Lennar for the homebuilder to pay an extra $97,600 for each home sold to an end user, according to property records. That would amount to an additional $20 million paid out if Lennar sells all 205 homes for which the sites are approved.
Miami-based Lennar went into contract for the land last year, and provided Tuttle’s entities a $12 million mortgage in November, documents show. Tuttle bought the parcels for a combined $13.2 million across a trio of deals between 2015 and 2017, according to property records. He scored approval for the 205 single-family homes in 2021 after winning a rezoning for the project dubbed “Homes at Parkland Royale.”
Tuttle has made a career out of identifying up-and-coming neighborhoods and preparing development sites for homebuilders to develop. He also has some skin in the development game with his planned Tuttle Royale, a mixed-use development in Royal Palm Beach slated to include 400 apartments, 750,000 square feet of retail and office space, and a 150-room hotel. In July, Tuttle’s lender hit him with a $38.4 million foreclosure on 38 acres in the 200-acre project.
Lennar is one of the largest homebuilders in the United States. Led by Executive Chairman Stuart Miller and President Jon Jaffe, who are also co-CEOs, Lennar’s been on a buying spree in South Florida. Earlier this month, the homebuilding giant dropped $16.6 million on a Homestead development site, after buying another Homestead site for $28 million in August.