A Landstar Development Group entity has bought another chunk of land within the master-planned Avenir development at the outer edges of Palm Beach Gardens, Fla. The Coral Gables-based developer paid $56.7 million for 857 acres along Northlake Boulevard and Avenir Drive, property records show.
It’s the latest transaction between the buyer, Avenir Development, an LLC controlled by Landstar, and the master developer, Avenir Holdings, an entity managed by David Serviansky and also tied to Landstar. In 2017, Serviansky sold 2,287 acres to Avenir Development for $15 million, and in 2021 sold 445 acres for $69.4 million — reflecting South Florida’s real estate boom since the start of the pandemic.
A representative for Landstar did not respond to requests for comment.
Landstar launched the residential master development back in 2012 when it paid $20 million for a 4,700-acre site between Bee Line Highway and Northlake Boulevard. Over the years, after putting in place the paving, drainage and sewage, the investor has sold off parcels to other developers, who are now building single-family homes.
In addition to the Landstar purchases, Centaur Group purchased 392 acres for $60 million in 2021 with plans to build 218 luxury single-family homes and a golf course designed by sport legend Jack Nicklaus. Other home builders who bought into the project include Toll Brothers, GL Homes And Kenco Communities.
The master development is zoned to house 2,690 single-family homes, 250 townhouses, a town center anchored by a grocery store, and commercial space, including offices and a medical facility.
SOURCE:
BY JULIA ECHIKSON JANUARY 23, 2023 5:34 PM
https://commercialobserver.com/2023/01/landstar-avenir/