Lennar and CalAtlantic already have large footprints across the US. Combined, the two corporations have 240,000 building plots in 21 states, a market value of around $18 billion, and a revenue of $17 billion over the past year.
It will be one of Lennar's largest urban projects yet.
Lennar Urban is also building 12,000 homes at Hunter's Point in San Francisco, California. The development is called The Shipyard.
Over the next 15 years, Lennar Urban (the company's city development division) will add 8,000 homes, 500 hotel rooms, 300 acres of parks, 140,000 square feet of retail, and 100,000 square feet of office space on Treasure Island, a man-made island off the coast of San Francisco.
In June 2017, CalAtlantic proposed building 600 homes on one of the last prime waterfront properties in Miami-Dade, Florida. Local council members have not approved CalAtlantic's plans yet.
CalAtlantic said that its average home price was $537,000 in 2014.
In 2015, an average Lennar house cost $358,000.
Lennar and CalAtlantic homes range in price, depending on the project and location.
By early 2018, Lennar will start building a 271-unit luxury apartment complex in Plantation, Florida. The development will be located next to an office park.
In August 2017, a gated neighborhood dubbed the "Paseos village of Summerlin" in Las Vegas, Nevada began selling townhomes developed by CalAtlantic. They feature Spanish-inspired architecture.
In March 2017, Lennar acquired Westchester Pavilion in White Plains, New York for $56.6 million. The company will redevelop the site into 700 apartments and 90,000 square feet of retail space.
CalAtlantic Group, an Arlington, Virginia-based homebuilder, has constructed properties in 19 US states.
Based in Miami, Florida, Lennar Corporation has built hundreds of thousands of homes since its founding in 1954.