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MIAMI-Lowell Homes Inc. has acquired about 40 acres of undeveloped land for $6.9 million in the southwest Broward County community of Miramar. The Miami-based homebuilder paid roughly $172,500 an acre or $3.96 per sf for 128 builder’s lots ($53,906 per lot) measuring 60-foot by 100-foot.

“Land is an extremely scarce commodity in Broward County,” says S. Lawrence Kahn, III, Lowell Homes’ president and chief executive officer. “We are delighted to have secured one of the largest tracts of land remaining for residential real estate development in the county.”

Announcement of the acquisition precedes the development of Biltmore Estates, which will offer single-family homes ranging in size from 2,100 sf to 3,800 sf and priced between the low $200,000s to the $300,000s. The project is part of the company’s Monarch Lakes development in Miramar.

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