Lennar to build in Marietta

By Michelle E. Shaw

The Atlanta Journal-Constitution

Lennar Corp., the nation’s third largest homebuilder, has acquired land at the unfinished Caswell Overlook subdivision in Marietta, according to the builder's Web site.

Lennar will likely announce its plans for the site soon, as building is expected to start this summer, a spokeswoman said.

Miami-based Lennar announced in January a move to the Atlanta market but didn't say where it would build. Industry-watchers expected the company to take advantage of the many distressed and half-built communities in Atlanta.

Formerly a Bowen Family Homes development, Caswell Overlook had at least two fully-decorated model homes and a number of spec townhomes for sale when the company marketed the community last summer, according to a Facebook marketing page.

Bowen officials could not be reached for comment Friday. All references to the community have been removed from the company's Web site, though the Caswell Overlook page on Facebook was still live on Friday.

Amenities in the neighborhood included a community pool, cabana, playground and park areas, according to the social media site.

The Lennar site says new three-bedroom, 2.5 bathroom homes with a two car garage will be $166,990 to $169,990. Bowen listed the same style home for around $200,000 in July and reduced those prices to $179,900 to $184,900 by October, according to the Facebook marketing page.

Builder Magazine has ranked Lennar among its top five builders since at least 2002. Rankings are based on closings and revenue. The company rose to No. 3 in the magazine’s 2009 rankings, up from No. 4 in 2008.

The top two builders, Texas-based D.R. Horton and Michigan's Pulte Homes, already have a sizable presence in the Atlanta area.