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Lennar Buys 80-Acre Plot in Lakeville, Plans 148 Single-Family Homes

Lennar-Minneapolis-St. Paul purchased the 80-acre plat called Tullamore from Wells Fargo for unspecified amount.

Lennar Buys 80-Acre Plot in Lakeville, Plans 148 Single-Family Homes

Lennar homes, the Twin Cities largest home-builder, is set to build 148 new single-family homes in northeast Lakeville, in a neighborhood to be called Tullamore.

Lennar recently purchased the 80-acre plot at the corner of 170th Street West and Pilot Knob Road in Lakeville from Wells Fargo for and unspecified amount, according to a report in the  Minneapolis / St. Paul Business Journal. The land was most recently listed for $2.7 million, down significantly from the 2008 listing of $5.7 million.

As of June 12, Lennar already had earth-moving equipment on the site, which is across 170th Street West from Farmington's North Trail Elementary School.

According to the Business Journal report, two men—Richard Palmiter and Brian Pankratz, brokers at CBRE Group—represented Wells Fargo in the sale.

Pankratz told the  Business Journal: “Single-family housing continues to show improvement in good locations, and the sale of Tullamore further indicates builders having more faith that the housing market is moving in a positive direction."

will monitor the story.

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