A Lennar land bank paid $50 million for a 20-acre development site near Harrah’s Pompano Beach casino in Broward County.
Millrose Properties of Florida, a publicly-traded Lennar spinoff, acquired the parcel at 777 Isle of Capri Circle within The Pomp, a 223-acre mixed-use development in Pompano Beach, records show.
The city of Pompano Beach approved a residential community with 426 condos and townhomes earlier this year, planned by Miami-based Lennar, led by co-CEOs Jon Jaffe and Stuart Miller.
The Pomp’s master developer, a joint venture between Baltimore-based Cordish Companies and Las Vegas-based Caesars Entertainment, sold the 20 acres to Millrose. Caesars owns the gambling facility, formerly Isle Casino.
Millrose entered into an option arrangement giving Lennar the right to acquire the finished homesites, a structure that keeps the homebuilder’s balance sheet relatively light on land while preserving control of future inventory.
Millrose typically acquires residential land, installs infrastructure and then sells finished lots back to Lennar through option contracts shortly before the homes are sold to buyers.
Lennar filed plans in 2024 with 344 condos in seven midrise buildings and 82 townhouses in 10 three-story buildings, along with a clubhouse, fitness center, pool and 878 parking spaces.
The project reflects Lennar’s increasing focus on multifamily-style, midrise residential buildings in land-constrained South Florida markets where assembling large tracts for traditional single-family subdivisions has become difficult.
The condo and townhouse community represents the latest residential phase at The Pomp, where Harrah’s casino and a TopGolf facility are already operating, and developers are rolling out industrial and apartment components.
In 2022, TopGolf paid $14.7 million for a nearly 11-acre site, where it built a three-story entertainment facility. A year later, Cordish and Caesars sold 87.8 acres within The Pomp to Boston-based Rockpoint, which is planning 1.5 million square feet of warehouses. Rockpoint paid $180 million.
Future phases at The Pomp include a Costco-anchored retail component and additional entertainment venues.
