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Wednesday, December 05, 2007

Lennar Homes unloads 8,300 residential lots

Tampa Bay Business Journal - by Michael Hinman

Metro Development Group is getting a hold of nearly 4,000 acres of land in seven counties after completing its largest land purchase in company history.

Metro, based in Tampa, is buying nearly 4,900 home sites in Pasco, Hillsborough, Polk and Sarasota counties as well as 3,400 other home sites in Lee, DeSoto and Brevard counties from Miami-based Lennar Homes.

The purchase - which was completed on Friday for undisclosed terms - was part of "long-range acquisition strategies developed" by the company, said Rob Ahrens, spokesman for Metro Development. The deal increases Metro's land inventory by nearly 40 percent, and brings the company's total land holdings to 30,000 home sites.

"We have tremendous confidence in Florida and the resiliency of the state's residential real estate market," said Ahrens in a release. "We know that current concerns about homebuilding will be resolved in the coming months, and when they are, we plan to be a major player in providing finished home sites to builders who will need them."

The purchases include 3,905 home sites covering 1,700 acres at Epperson Ranch in Pasco County, 530 home sites on 140 acres at Waterleaf in Hillsborough County, 393 home sites on 94 acres at Leomas Landing in Polk County, and 98 home sites on 41 acres in Sarasota County.

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