Lennar plans 271 luxury rentals in Plantation; stock up on 3Q earnings
Wednesday Oct 04th, 2017
Lennar Corporation plans to build a 271-unit luxury apartment building in Plantation’s burgeoning Midtown District.
Meanwhile, the Miami-based developer’s stock price was buoyed on Tuesday by a rosier-than-expected third-quarter earnings report.
The luxury building, to be developed by the company’s Multifamily Communities division, will occupy a 5.1-acre site at the Lakeside Office Center 600 N. Pine Island Road.
The project footprint will include a portion of the office center’s existing surface parking lot and Lennar will build a parking garage to accommodate both office center tenants and residents of the new rental community, said Thomas Godart, managing director of Godart Florida Real Estate Investments, in a news release.
Groundbreaking on the project will take place by early 2018 and take about 18 months, Godart said.
Lennar’s stock price on Tuesday closed up 4.8 percent, to $55.35, after the company reported net earnings for the third quarter were up $13.4 million, or 5.7 percent, compared to the same quarter of 2016.
New home orders were up 8 percent while revenues were up 15 percent year over year. Deliveries of new homes were up 12 percent.