Lennar Plans in Charlotte; Crosland Exits Development Market

By Amalia Otet, Associate Editor Forbes magazine has placed Charlotte among the potential boom cities that are most likely to experience economic growth over the next few years. Despite the recession, the Queen City has done rather well in terms of [...]

Forbes magazine has placed Charlotte among the potential boom cities that are most likely to experience economic growth over the next few years. Despite the recession, the Queen City has done rather well in terms of investments in real estate and infrastructure, as well as population and job growth.

One of the top companies that shows most interest in the Charlotte market is Lennar Corp., which recently ranked No. 4 in a list, compiled by the Charlotte Business Journal, designed to highlight the area’s largest home builders, based on a review of the number and value of construction permits granted in 2010. Headquartered in Miami, the company builds affordable, retirement homes in 17 different states in some of the best-performing markets in the nation, including North Carolina. Its Charlotte division comprises 19 communities featuring single-family homes in high-quality locations throughout the entire Charlotte metro area and the company’s plan is to continue growing. According to the  Mecklenburg Times, Lennar has recently hired a home consultant who will offer assistance to potential home buyers.

In other news, Crosland, a Charlotte-based company specializing in the development, marketing and management of residential and commercial properties, has chosen the most pragmatic solution to fend off the negative effects of a troubled real estate market. The company’s board of directors decided to sell its operating divisions and focus mainly on asset management rather than development as part of a strategic plan designed to maximize the value of the current portfolio. “We decided that this was the best way to deliver quality real estate services and demonstrate Crosland’s commitment to its partners and the community. …This is a logical evolution of our company given current economic conditions,” said John Crosland, Jr. in a press release. So far Crosland has managed to divest two of its divisions to companies led by former Crosland executives; Ravin Partners, one of the most active developers in the Southeast, recently purchased Crosland’s market-rate multifamily development and construction departments; Reader and Partners, a full-service real estate development firm, has acquired part of Crosland’s land and community development units, encompassing projects developed in the Orlando, Tampa and Raleigh/Durham areas.