Lennar Corp. has purchased a 154-acre parcel of the 2,013-acre Wildcat Tract in Cane Bay, S.C., from Gramling Brothers Real Estate & Development for $7.14 million. The builder plans to construct 377 new homes on the site.
This marks the second purchase Lennar Corp. has made from this tract, following a $7.72 million purchase of 184 acres two years ago. The builder has 20-30 homes built on the property, and plans to develop about 400 houses total.
[Jason Byham, the president of Lennar’s Coastal Carolinas division,] said it will be a couple of years before houses go up in the newly acquired parcel because it needs to be cleared and then outfitted with utilities and roads. “It’s just raw land,” he said.
He said Cane Bay has proved to be a good market for Lennar as homes continue to sell there, and that has led the homebuilder to seek additional opportunities in the Wildcat Tract.
“We keep buying more land because we are the top-selling builder in Cane Bay,” Byham said. “We just try to be where people want to buy houses.”
Lennar sold about 170 houses last year in Cane Bay. It sold about 900 throughout the Charleston region.
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