Sabal Development, a Miami-based builder and developer who specializes in luxury custom homes led by Pascal Nicolai, has sold a 433,422 SF, 10.17-acre, parcel located at 8290 SW 120th Street in Miami, Florida for $24.5 million to Lennar Homes. The off-market transaction closed on March 23, 2022 with no listing agents involved.

Sabal Development purchased the parcel for $6.3 million on January 26, 2015. Sabal originally requested to rezone the site to build 20 single-family homes in a community known as Veridian Grove. Following the new Comprehensive Development Master Plan (CDMP), Sabal requested to rezone the site to permit 34 townhomes and 20 homes.

“We are thrilled to sell this special 10-acre Miami parcel for $24.5 million to Lennar Homes, who will make our vision for the community come to life,” said Nicolai.

Sabal Development and Sabal Luxury Builder achieved over $130 million sales in custom-built home sales in 2021.

Rendering via Sabal Development