Limoneira Company (Nasdaq: LMNR), a diversified citrus packing, sales and marketing company with related agribusiness activities and real estate development operations, announced today that its 50%/50% real estate development joint venture with The Lewis Group of Companies has closed an additional 119 residential units with Lennar (NYSE: LEN). Lennar is one of the primary builders for the first 174 homes in the initial 632 residential units of the company’s Harvest at Limoneira project in Santa Paula, Calif.
Harold Edwards, president and CEO, stated, "We are very excited to announce additional lot closings totaling 119 residential units, with one of the nation’s largest homebuilders, Lennar. We announced in October, 2018 our relationship with Lennar and are very pleased with how quickly we were able to close on these lot sales.”
Lennar has purchased 55 single-family lots and four condominium lots that include 64 single-family residences, for a total of 119 residential units within Harvest at Limoneira and they intend to build seven different floor plans each with three distinct elevations.
Harvest at Limoneira is a comprehensively designed community near the Pacific Ocean.
The first phase of the project broke ground in November 2017. Project plans include approximately 632 residential units in the initial phase and 1,500 residential units for the entire project. Limoneira Lewis Company Builders, LLC, is a 50%/50% real estate development joint venture between Limoneira and Lewis that will engage in the residential development of Harvest at Limoneira.
