CC Homes paid $50 million for a development site in Davie planned for 151 single-family homes.
CC Homes, led by Armando Codina and Jim Carr, bought the 152-acre vacant property on the northeast corner of I-75 and the Royal Palm Boulevard exit ramp. The seller is KBNP, an affiliate of Aventura-based Turnberry, according to records and real estate database Vizzda. Turnberry, led by Jackie Soffer, will partner on the project.
Designed by MSA+, the development will consist of 3,400-square-foot to 5,700-square-foot homes, with some reaching 6,000 square feet with added rooms. The lots will range from 20,000 square feet to 25,000 square feet.
Construction and home sales are expected to start this year, with base prices ranging from $1.6 million to $1.8 million, Carr told The Real Deal in June.
The project, called Estates by Turnberry, marks a redesign of Turnberry’s proposal over a decade ago for 2 million square feet of offices and retail, plus a hotel.
The Davie Planning & Zoning Board approved CC Homes’ project on April 8, and the town council preliminarily approved it on May 7. The council’s final vote of approval was on May 21.
The council also approved a community development district for the project. Developers use CDDs to help pay for infrastructure needed for large projects, including water and sewer connections, roads and sidewalks. Generally, CDDs issue bonds and then levy assessments on homebuyers to pay back the bonds.
Davie Mayor Judy Paul said at the May 7 town council meeting that she had cast the only ‘no’ vote against a previously proposed “massive shopping center” on the site, likely a reference to Turnberry’s project.
Turnberry’s previously planned development, called Davie Commons, fizzled out after KBNP bought the $17.4 million mortgage Turnberry had on the land in 2012. The previous lender, KeyBank, had filed a foreclosure on the loan.
KBNP is tied to Jackie Soffer and reportedly also to New York investors.
CC Homes, based in Coral Gables, was formed at least 15 years ago by Codina and Carr. Codina is founder of Coral Gables-based Codina Partners, which he leads with his daughter Ana-Marie Codina. Codina Partners is a major South Florida developer, with completed projects including the Downtown Doral mixed-use development in Doral and Beacon Logistics Park in Hialeah.
Carr founded land development and homebuilding firm Westbrooke Communities in 1976. After selling it to Pacific USA Holdings in 1998, he remained Westbrooke’s president and CEO until 2001. Carr formed multifamily and urban infill development firm Carr Residential I in 2001, according to CC Homes’ website.
CC Homes recently completed Pine Rockland Estates with 26 single-family homes at Southwest 72nd Street near Coral Gables. The community is sold out, according to CC Homes’ website.
Also in Davie, Hollywood-based BSD Capital paid $16 million in July for a 4.8-acre development site at 4491 South State Road 7, with plans for The Core, consisting of a pair of 24-story buildings with 744 apartments, 51,000 square feet of retail and 29,000 square feet of offices.
Coconut Grove-based 13th Floor Investments and Miami Beach-based JSB Capital Group scored a $67.5 million construction loan in March for a 383-unit apartment complex with some workforce apartments on the northwest corner of Davie Road and Southwest 37th Street in Davie.
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