Lennar Corporation Acquires the St. Charles Planned Unit Development - Southern Maryland Headline News

Lennar Corporation Acquires the St. Charles Planned Unit Development



LA PLATA, Md. (August 08, 2017)—In one of the largest acquisitions in the State of Maryland in recent history, Lennar Corporation, d/b/a Lennar purchased the membership interest in St. Charles Community, LLC, an entity that owns the St. Charles Planned Unit Development (PUD) in Waldorf, Maryland. The acquisition of the 2,400-acre development, which includes residential, commercial, and industrial properties, supports the county's economic development policy and sparks a new relationship with the county for the future of the PUD. With this new relationship, it is anticipated the number of future homes built in the community will be reduced by more than 2,500 units, leading to enhancements in roads, parks, public safety, and school facility renovations. It also brings to this new relationship an amicable resolution to the longstanding litigation between the prior owners of St. Charles Community, LLC and Charles County Government regarding school allocation commitments.

Charles County Government and Lennar are working in partnership to improve the standards and development guidelines of St. Charles, to benefit Charles County residents. As the second largest home builder in the nation, Lennar has a tremendous amount of experience developing and building communities that meet the needs of the homebuyers, surrounding residents, and government agencies across the nation. Lennar has been successfully selling and building new homes in the St. Charles Community since 2004, but with the recent acquisition will now also take over the role of owner and developer of substantially all of the remaining PUD.

"Charles County is a wonderful place to live, work, and play. The Commissioners voted unanimously for this change and are excited about the new management of the St. Charles Community and the positive changes this acquisition will mean for the residents and county as a whole," said Commissioner President Peter F. Murphy.

"This commitment to Charles County from one of the country's top home builders supports the economic development strategic plan, as adopted by the Commissioners. The focus on 'enhancing the product' is attracting investment and making the county more competitive in the Washington, D.C. metro area and in the State of Maryland," said Darrell Brown, director of the Economic Development Department.

St. Charles, Maryland, is one of the best-selling new home communities in the Washington area, and is considered one of the most successful master planned communities in the country. St. Charles is home to more than 45,000 residents, and has been featured multiple times in The Washington Post and was profiled alongside the Washington area's top master planned communities in The Washington Times. Homebuyers and renters recognize the advantages of a mixed-use community with unique features such as the Regency Furniture Stadium, the new Waldorf West Library, and the new St. Charles High School. Named by CNN's Money Magazine as one of the top 20 small cities to live in America, St. Charles is known for its diverse and abundant neighborhoods, lively retail centers, recreational opportunities, and excellent schools. St. Charles appeals to all ages and lifestyles, and was named by U.S. News and World Report as one of the nation's top bargains for places to retire.

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