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Business & Tech

Condomium development belongs to Lennar

Homebuilder will market 70 condos in Morris Plains

A Morris Plains tract approved for a 70-unit condominium development is now owned by hombuilder Lennar Corp.

Lennar purchased the 4.86-acre parcel from Advance Realty of Bedminster in October for $7.25 million.

A grand opening ceremony at the development, named Coventry Park at Morris Plains, on October 16 was held  from a temporary sales trailer on the site. The opening drew more than 90 couples which the developer considered to be impressive in today’s financial climate. A number of homes were sold over the weekend and other prospective buyers made appointments to return for personal presentations.

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The condominiums are under construction. Prices start in the mid $300,000s.

The development has frontage on Littleton Road, near the Morris Plains Roalroad station and Routes 10, 287 and 80 and is walking distance of retail shops along the Route 10 corridor.

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Lennar was attracted to the land parcel because it was shovel ready, according to a press release from Advance Realty. Advance obtained site plan approval and Lennar will obtain the building permits.

Mayor Frank Druetler said, in the release, “The completion of this transaction is great news for Morris Plains, as we’re eager to see this prime property transformed into an integral part of town.”

Advance Realty’s business model is to purchase land, receive state, county and local approval. In this case, creating the maximum value of the land meant to sell to a homebuilder.

Lennar pursues development opportunities. Besides Coventry Park Lennar’s New Jersey Division is involved in the development of nearly 3,000 homes at its Greenbriar active-adult lifestyle communities in Waretown, Monroe Township and Rockaway Township; and more than 400 homes at several non age-restricted communities throughout the state. 

There are two designs for Coventry Park. The Chadwick is a 1,432-square-foot design with two bedrooms, three baths and a one-car garage.  The interior unit is priced from $349,950, and the end unit is priced from $364,950. The Hampton is a 1,779-square-foot design with three bedrooms, 2 ½ baths and a one-car garage.  The interior unit is priced from $379,950 and the exterior unit is priced from $394,950. Occupancy is scheduled for May, 2012.

 

 

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