Lennar Co-CEO To Retire: The South Florida Deal Sheet
Lennar Corp., a Miami-based homebuilder, is heading into 2026 with one less CEO.
Co-CEO and President Jon Jaffe is retiring on Dec. 31 after a 42-year career with the company. The company has no plans to replace Jaffe and will keep Stuart Miller as its sole CEO and executive chairman, according to a release.
Jaffe, who will also leave his seat on the company's board of directors, started at Lennar as an assistant superintendent in Tampa in 1983 before climbing the ranks and ascending to the company's top job.
Lennar is one of the country's largest residential developers with a market capitalization of around $32.7B. The company recently announced its partnership with the Easton Group for a $2B “15-Minute City” on 1,000 acres of farmland in West Kendall.
LEASES
A Tokyo-inspired hidden cocktail bar is joining the tenants at Robert Rivani’s Rivani Miami Beach office, according to a release.
The H.wood Group, a Los Angeles-based hospitality company, is creating the speakeasy concept inside the building at 1691 Michigan Ave., which is going through a $100M redevelopment.
The speakeasy is expected to open next summer and joins tenants such as Playboy, which signed a 20K SF lease this year to move its headquarters to the building.
SALES
Lerner Residential sold a 294-unit, 25-story residential tower named Motion at Dadeland to JRK Property Holdings for $72M — a 36% discount from the $114M Lerner paid in 2021, according to property records provided by Vizzda.
JRK assumed a $57M loan for the apartment building, built in 2019 at 8400 S. Dixie Highway. Apartments at the building range from one to three bedrooms spanning 726 SF to 1,434 SF, according to Apartments.com. Monthly rent prices range from $2,390 to $4,310.
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Rockpoint and Related Group sold off a 393-unit apartment complex in Miramar for $161M to Pantzer Properties, according to property records provided by Vizzda.
Pantzer financed the purchase with a $102M Fannie Mae loan originating from CBRE and maturing in 2030. Related and Rockpoint developed Point at Miramar at One Main St. and completed it last year.
Monthly rents for the studio, one-, two- and three-bedroom units range from $1,994 to $4,835 per month, according to Apartments.com.
MILESTONES
Black Salmon, The Boschetti Group, Constellation Group and HQ Hotels & Residences by Sbe launched sales for the HQ Residences Miami, according to a release.
The project at 422 NE 29th St. is set to rise with 229 condos and eight penthouses spanning from 721 SF to 2,074 SF with prices starting at $850K. The Agency’s Mauricio Umansky and Santiago Arana are leading sales.
Arquitectonica is leading the design of the 35-story building, which plans a library and collaboration workspace, podcast studio, Marc Anthony speakeasy, chef’s kitchen, yoga and outdoor training terraces, plunge pools, a gym and more.
CONSTRUCTION AND DEVELOPMENT
Gatsby Florida is getting set to start construction on a 220K SF, eight-story office building in Palm Beach Gardens, according to a release.
The developer plans to break ground on The Modern at Palm Beach Gardens in January with an opening in 2027.
About 25% of the building is preleased, and the developers are targeting finance companies, law firms and businesses “exiting New York post-mayor Mamdani election,” the release states.
Darryl Kaplan of Darryl R. Kaplan Co. is handling leasing for Gatsby.
The building is also planned to include a 10K SF fine-dining restaurant, a 4K SF casual restaurant, a rooftop patio, gym and media and conference center. Plans also include an 838-space, six-story parking garage.
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Kadima Developers broke ground on the Seven Park Residences, a mixed-use condo project in Hallandale Beach, according to a release.
Seven Park Residences at 218 SE Seventh St. is set to bring 124 units, 4,500 ground-floor retail and nearly 30K SF of amenities, including a pool, wellness spa, cold plunge and sauna. The $70M project is set to deliver in 2027.
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LD&D, One Capital and IGEQ broke ground on the Surf Row Residences at 8800 Collins Ave. in Surfside, according to a release.
The developers plan 24 condos ranging in size from 894 SF to 2,195 SF with prices starting at $1.4M. Amenities include a rooftop pool, spa, gym and coworking space. The project is expected to deliver in 2027.
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Property Markets Group broke ground on the 44-unit Sage Intracoastal Residences Fort Lauderdale, according to a release.
The 28-story condo tower will offer three- and four-bedroom units starting at 2,767 SF. Residents will have access to more than 19K SF of amenities, including a wellness spa, gym, movement studio, yoga lawn, golf simulator and more.
PMG plans to complete the project, located along the Intracoastal Waterway at 900 Intracoastal Drive, in 2027.
