It’s all Lennar Corp.’s.
The Miami-based homebuilder has outbid rivals for all four parcels at the former El Toro Marine base.
There were no new bids Wednesday on two remaining parcels of the military base. That means Lennar wrapped up ownership of El Toro with Tuesday’s bids of $310.5 million on 1,752-acre parcel two and $154 million on 863-acre parcel three.
In all, Lennar is set to pay $650 million for the four parcels that were put up for bid a week ago. Two parcels,902-acre parcel one and 202-acre parcel four,were won last week without any other bids.
The last two parcels made up the majority of the 3,700 acres for sale and include land zoned for housing. Other development is set to include retail and commercial buildings.
The Navy’s El Toro online auction, first announced in 2003, has faced delays and issues over environmental cleanup.
Irvine is set to charge Lennar another $400 million in development fees to cover roads, sewers and other infrastructure.
There were just three bidders in all.
Irvine-based Standard Pacific Corp. was an active bidder on two parcels, according to the Orange County Register. Another unnamed bidder, known as “OCHOPE” in the anonymous auction, dropped out days ago.
