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LENNAR LAUNCHES DEVELOPMENT OF NEW ACTIVE ADULT COMMUNITY IN ST. LUCIE WEST; ACQUIRES FIRST TRACT FOR PHASE I OF KINGS ISLE

 LENNAR LAUNCHES DEVELOPMENT OF NEW ACTIVE ADULT COMMUNITY
 IN ST. LUCIE WEST; ACQUIRES FIRST TRACT FOR PHASE I OF KINGS ISLE
 PORT ST. LUCIE, Fla., Oct. 28 /PRNewswire/ -- Lennar Corporation (NYSE: LEN), Florida's largest and one of the nation's leading homebuilders, has closed on the first 200-acre parcel of a new Lennar Homes active adult community planned for St. Lucie West, just south of Vero Beach.
 According to Nick Condorousis, president of the St. Lucie Active Adult Communities Division, the new community, to be known as Kings Isle at St. Lucie West, eventually will encompass 1,000 acres and up to 8,000 homes. Some 1,600 Mediterranean-style courtyard and estate homes, priced from the high $30,000s to under $100,000, are planned for phase I on the initial 200-acre tract, Condorousis said.
 He said models now are under construction. Lennar anticipates opening sales before the end of the year at St. Lucie West, which also has the distinction of being the spring training home of the New York Mets, Condorousis said.
 "Lennar has recognized that, with the graying of America, many of our homeowners are rapidly approaching retirement age," said Leonard Miller, chairman and president. "Changing demographics, coupled with the fact that people retire at younger ages and in better health, mean the active adult segment of the market holds significant opportunities for us.
 "Lennar Homes has established itself as a leader in developing planned communities and we intend to continue expanding our presence in this attractive market niche," Miller said.
 Two Lennar active adult communities in South Florida are progressing rapidly. At The Fairways at Sunrise Lakes in Broward County, Lennar has delivered 7,200 of a total 7,700 condominium residences, according to Marshall Ames, regional president of Lennar Homes Active Adult Communities Divisions. At Kings Point in Tamarac, also in Broward, 2,000 of 5,300 condominium and villa homes have been delivered, he said. Lennar also is developing Ventana Lakes, a major retirement community in Phoenix, with 2,500 residences.
 Condorousis said Kings Isle will offer comprehensive amenities such as a large central clubhouse, fitness and health programs, a full roster of classes and activities, shows and entertainment, a private transportation system and medical alert services.
 "Kings Isle at St. Lucie West will be constructed around multiple lakes, which will be interwoven throughout the community to create the feeling of a series of private islands," he explained. "Individual residential villages will be set on each 'isle.'
 "Even the attended gatehouse entry will carry the island theme. You'll enter the community by driving over a bridge that spans two lakes," he said.
 Founded in 1954, Lennar Corporation is a full-service real estate company involved in homebuilding in Florida, Arizona and Texas; the development and management of commercial properties; and real estate- related financial services.
 -0- 10/28/92
 /CONTACT: Marshall Ames, 407-682-7266, or Nick Condorousis, 407-871-7500, both of Lennar Homes/
 (LEN) CO: Lennar Corporation ST: Florida IN: CST SU: PDT


AW-JB -- FL011 -- 6066 10/28/92 13:34 EST
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Oct 28, 1992
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