Bluenest Closes $34.9M Land Buy for 90-Acre Redland Site
Bluenest closed a $34.9M, 90-acre assemblage on Krome Avenue, about $388,000 an acre for its planned 582-unit Redland Reserve townhomes.
Bluenest Development has closed on the final parcel of a nine-lot assemblage in Redland, completing a roughly $34.9 million land buy for a 90-acre site along Krome Avenue, north of Southwest 276th Street. The Miami-based homebuilder, run by brothers Salim and Kamil Chraibi, plans to build Redland Reserve, a 582-unit for-sale townhome community priced for the local workforce, on the assembled tract.
Why it matters
A homebuilder committing $35 million to raw South Miami-Dade farmland is a live land comp for anyone underwriting a for-sale deal in the corridor. Bluenest has built its pipeline almost entirely in this stretch of Redland, Naranja, Homestead and Goulds, betting that stitching together small agricultural parcels into a single large site is still cheaper than buying already-platted lots from a land bank. The Krome Avenue corridor cleared a county rezoning in May 2025 that reset 91 acres at the same intersection from roughly 223 single-family entitlements to as many as 700 townhomes, a density jump that is exactly what makes a nine-parcel assemblage worth the multi-year effort to string together.
The numbers
The $34.9 million price across 90 acres works out to about $387,800 an acre. Spread across the 582 units now planned for Redland Reserve, that is roughly $60,000 in raw land cost per home, a basis Bluenest needs to clear given its stated workforce sale-price cap, currently up to $494,000 per unit. Bluenest has said it also absorbs closing costs and buys down buyer mortgage rates toward roughly 5 percent, expenses layered on top of that land basis. The assemblage took the firm more than a year to complete, parcel by parcel, on farmland that neighbors fought to keep out of the rezoning.
What’s next
Bluenest still needs to finalize a site plan and construction financing for Redland Reserve itself, work the firm has not yet closed. The company is separately lining up roughly $112 million in construction debt across four other Miami-Dade townhome projects, evidence it can access capital at scale, though none of that financing is committed to the Krome Avenue site. Permitting and a construction timeline for Redland Reserve had not been disclosed as of this closing.