Lennar Corp. buys 30 acres from Walnut Valley Unified for $35 million

The Walnut Valley Unified School District attracted Fortune 500 homebuilder
Lennar Corp. as the top bidder for a 30-acre piece of surplus land in Diamond
Bar that is zoned for up to 200 new homes.

Lennar has reportedly opened escrow after agreeing in June to pay the school
district $35 million – some $10 million more than the district anticipated – for
prime land located on the southeast corner of Brea Canyon Road and Diamond Bar

“We were shocked,” said school board member Helen Hall. “We also were very
fortunate to get one of the (more) proven homebuilders around.”

Lennar is building homes in 18 states and was rated the second-largest
homebuilder in the nation in 2008. In California, it is preparing to build 5,000
homes as part of the Great Park project in Irvine.

However, Walnut Valley officials stressed that the money may not be a
windfall for the district, which is eating up its reserves and preparing to cut
back on personnel and if necessary, shorten the school year, especially if the
governor’s tax initiative does not pass.

“It is for the long-range benefit of our students, especially with an
emphasis on technology in the classroom, like computers,” said Superintendent
Dean Conklin.

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