Community College District Sells Land for $16.5 Million
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A Beverly Hills developer this week bought 173 acres of mostly vacant land from the North Orange County Community College District for $16.5 million.
S&S; Construction, which builds homes, made the highest bid for the property. The firm initially proposed paying $14 million but raised the price after two other construction companies tried outbidding it.
After discussing the offer in closed session, district trustees, who had hoped to get at least $14 million for the parcel, publicly accepted the bid with a unanimous vote. District officials said most of the money will be placed in the district fund for retirement benefits.
S&S; officials said they plan to develop the land, but no details were revealed.
The property is next to the Yorba Linda Education Center, where the district’s adult education programs are headquartered. It borders Fairmont and Yorba Linda boulevards.
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