BH Group and Lennar hired Douglas Elliman to lead sales of Greenview at Presidential, a luxury single-family home community west of Aventura.
The 103-unit gated development, planned for 104 acres at 19200 Northeast 14th Court in Miami, near I-95, is being built in phases. Phase one, with more than 30 homes, is complete, said BH Group CEO Isaac Toledano. Construction on the 30-home second phase, which includes amenities, is underway and expected to be completed by January.
BH and Lennar are investing $200 million into the project, Toledano said. It will be completed by the end of 2027.
The two home collections have floor plans ranging from 4,300 square feet to 5,800 square feet, according to a press release. Prices begin at $2.5 million and top out at $3.5 million, according to Toledano. Each house has four to six bedrooms, their own pools and spas. Community amenities include a lakefront clubhouse, fitness and wellness center, pool and access to 26 acres of private walking and biking paths.
Toledano said the project is the first new single-family community in Aventura in more than 25 years, as “everybody was focused on high-rises and mid-rises.” The project is outside of Aventura’s city limits, near single-family homes and older low- to mid-rise condo communities.
Jay Parker, Douglas Elliman’s Florida CEO, said the Greenview site’s proximity to the Aventura Mall and other amenities makes it “a real slam dunk of a location.” He said the project is an opportunity to meet the skyrocketing single-family home demand, spurred by tightening inventory, tax reform and post-COVID migration.
Luxury single-family home transactions are up 26.7 percent from last year. Despite rising mortgage rates hovering near 6.7 percent, South Florida’s housing market has remained robust, Miami Realtors Chief Economist Gay Cororaton told National Mortgage Professional. Low inventory, international demand and a high percentage of cash deals sets South Florida apart from many U.S. housing markets.
Demand for single-family homes has remained high, in part because new construction in more developed areas is limited. Shuttered golf courses offer developers one solution to a lack of undeveloped land.
The Greenview at Presidential site was formerly the Presidential Estates golf course, which Toledano acquired through an entity for $5.8 million in 2020. Four years later, BH and Lennar bought the site from Toledano’s entity for $17.5 million after settling a long-running legal dispute attached to the property, The Real Deal previously reported.
Earlier this year, BH Group paid $20.8 million for the Polo West Golf Course, a 151-acre property in Wellington, with plans to build a similar luxury single-family home community on the site.
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