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Region:

Covina, Los Angeles County

Land Use Profile:

Former Banna Elementary School, owned by Charter Oak Unified School District

Gross Acres: 

6.5

Project Density & Mix: 

62 Single-Family Detached Homes

Community Highlights: 

Two-acre public park dedicated to the City of Covina, adaptive reuse of surplus school property, new housing in central Covina.

 

One Charter Oak

Background 

SRS acquired One Charter Oak through a competitive auction-style bid against multiple developers and builders for the right to enter an option contract with Charter Oak Unified School District to purchase surplus land.

Entitlement & Execution

After a demanding entitlement process marked by significant community opposition, we successfully guided the project to unanimous city council approval (5-0). The transaction closed through a complex four-party concurrent escrow involving SRS, Lennar Homes, City of Covina, and Charter Oak Unified School District. The following steps occurred simultaneously:

  1. Charter Oak Unified School District sold the 8.5-acre parcel to us.
  2. We conveyed the two-acre park site to the City of Covina in exchange for park fee credits and final project approval.
  3. We assigned its development rights to Lennar Homes.
  4. Lennar Homes provided the funds necessary to close escrow.