Dean Gardens Subdivision: Construction STOPPED
Looks like Lennar bit off more than they can chew.
The corporate headquarters has ordered the local Atlanta division to stop construction and NOT sell homes, despite the long waitlist.
The large homes, squeezed on small lots, had a price point of around $700k.
Lennar is known as a quantity, tract builder.
Much of the land was unbuildable and had severe erosion problems. With the property affronting the Chattahoochee River, the Metropolitan River Protection Act & Atlanta Regional Commission have strict rules for development within 2000 feet of the river.
It is speculated that it cost $12-13million for the land development (demolition, earthwork, etc). Millions of dollars worth of hardscaping and landscaping were removed during the demolition.
Lennar bought the land from Tyler Perry for $9.2million.
Although Lennar was approved for 70 houses, it appears they will only be able to squeeze 68 homes.
This would break down to $325k per house, before any construction costs.
With the price point, parcel size, and quality offered, it appears not feasible to sell and make a profit.