L
ennar, a major homebuilder, recently purchased a significant piece of land in Parkland for $52.5 million. This land, which spans 74.9 acres, has been approved for the construction of 205 single-family homes. The purchase was made from land assembler Brian Tuttle, who had previously acquired the parcels for a total of $13.2 million across three separate deals between 2015 and 2017.

    The land sale was not just a straightforward transaction; it also included an agreement whereby Lennar would pay an additional $97,600 for each home sold to an end user. This would amount to an additional $20 million if all 205 homes are sold.

    The deal was made last year, and as part of the agreement, Lennar provided Tuttle's entities with a $12 million mortgage in November, as per property records.

    Tuttle has a history of identifying up-and-coming neighborhoods and preparing development sites for homebuilders to develop. He also has a personal project called Tuttle Royale, a mixed-use development in Royal Palm Beach that will include 400 apartments, 750,000 square feet of retail and office space, and a 150-room hotel.

    Lennar is one of the largest homebuilders in the United States, led by Executive Chairman Stuart Miller and President Jon Jaffe, who also serve as co-CEOs. The company has been actively purchasing land in South Florida, including a recent $16.6 million purchase of a Homestead development site and another $28 million purchase of a Homestead site in August.