Lennar Corporation
Encyclopedia
Lennar Corporation is a Fortune 500 company based in Miami, Florida
, United States
, in the Fountainbleau
area. It was founded in 1954.
In 2008, Lennar was the United States' second largest homebuilder, constructing homes in 17 different states throughout the United States, including Arizona, California, Colorado, Delaware, Florida, Illinois, Maryland, Massachusetts, Minnesota, Nevada, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, Texas, Virginia.
Its commercial operations are handled by its spinoff LNR Property corporation .
In 1997 it spun off LNR Property corporation, which handles the commercial operations, under control of Stuart Miller. According to corporate disclosure, Stuart Miller is "the sole director and officer of a family-owned corporation which owns stock that gives it voting control of both companies.", referring to Lennar Corporation and LNR Property Corp.
In 2006 it was listed as a Fortune 200 company and one of Forbe's America's Best Managed companies.
In 2007, Lennar posted heavy quarter losses. In 2008, against Wall Street expectations, Lennar has again posted losses, although smaller ones, and its total revenue has slipped 61%. Lennar's CEO Stuart Millar has declared:
For the third quarter of 2008 Lennar reported losses for the sixth consecutive quarter, to a total loss of $2.4 billion since 2006. Its CEO warned on an earning conferences that house prices are still falling after a "false uptick" on August, expressed a fear that they were "chasing the market downward". On the press release he called to the Federal Government for meaningful actuations to stabilize home prices. He also explained that the company was continuing to successfully reposition its product to meet today's consumer demand and cutting construction costs.
was completed. It's a census-designated place
(CDP) and a guard-gated private community
, and has around 4,000 homes and 5000 acres (20.2 km²). It started out as an inexpensive community, but it has blossomed into a sprawling affluent community, that now ranks among the wealthiest communities in all of the United States. It is no longer owned or controlled by Lennar, although Lennar Home has development rights on the last 1000 acres (4 km²) in Coto.
Naval Shipyard is a 5,223 acres 152 year old closed Navy base, owned by Lennar Mare Island, a subsidiary of Lennar corp. The company was chosen on 1997 as the master developer of this site. On 2002 the Navy transferred 650 acres (2.6 km²) to the city of Vallejo, and then to Lennar Mare Island. Lennar stated that it would use those 650 acres (2.6 km²) to build homes, shops, restaurants and businesses. The company got the land for free in exchange for investing $260 million in streets and utilities, historic preservation and building renovation. The Lennar Mare Island Reuse Plan includes 1,400 homes, roughly 7000000 square feet (650,321.3 m²) of commercial and industrial space, and many recreational amenities.
On Mare Island, the Navy paid for the cleanup, Lennar assumed the environmental cleanup of the site. CH2M Hill, Lennar's environmental contractor, is removing contaminated soil and stripping lead paint from houses. There are several landowners waiting for the cleanup to finish so they can use their property, Touro University
among them.
, has 3718 acres (15 km²) and was won on an auction on 2005 for $649.5 million. It will include a 74 acres (299,467.6 m²) cemetery, 3,400 homes and 3000000 square feet (278,709.1 m²) of office, retail and industrial space, as well as a 248 acres (1 km²) exposition center and 45 holes of golf which didn't have a builder as of 2005. The center of the base will be given to the city of Irvine, and will be the center of the Great Park, with 375 acres (1.5 km²) of parkland and 275 acres (1.1 km²) of wildlife and drainage corridors. On 2008 this project has had delays, probably due to the housing slump. Great Park officials have insisted that the project has enough money to be finished, although it will take longer to complete.
. Lennar built 16000000 square feet (1,486,448.6 m²) of industrial and office space on portions of the base.
African-Americans testified that they are "being pushed out, so the city can gentrify the area that is the last black neighborhood."
on the site of a former U.S. Army WWII PineCastle Jeep bombing range. Over the course of a year, 126 rockets and bombs were found on the property. In response, Lennar says it relied on studies that "made no mention of ... a military range," and claims the military did not show up in property ownership records because, "it had leased the land."
Miami, Florida
Miami is a city located on the Atlantic coast in southeastern Florida and the county seat of Miami-Dade County, the most populous county in Florida and the eighth-most populous county in the United States with a population of 2,500,625...
, United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
, in the Fountainbleau
Fountainbleau, Florida
Fountainbleau is a census-designated place in Miami-Dade County, Florida, United States. The population was 59,764 at the 2010 census.-Geography:Fountainbleau is located at ....
area. It was founded in 1954.
In 2008, Lennar was the United States' second largest homebuilder, constructing homes in 17 different states throughout the United States, including Arizona, California, Colorado, Delaware, Florida, Illinois, Maryland, Massachusetts, Minnesota, Nevada, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, Texas, Virginia.
Its commercial operations are handled by its spinoff LNR Property corporation .
History
Co-founded on the 1950s by Leonard Miller. He was the president and CEO of the company until 1997, when his son Stuart Miller replaced him.In 1997 it spun off LNR Property corporation, which handles the commercial operations, under control of Stuart Miller. According to corporate disclosure, Stuart Miller is "the sole director and officer of a family-owned corporation which owns stock that gives it voting control of both companies.", referring to Lennar Corporation and LNR Property Corp.
In 2006 it was listed as a Fortune 200 company and one of Forbe's America's Best Managed companies.
Housing slump
In 2007 and 2008, Lennar Corporation was affected by the crisis of the U.S. housing market, and its CEO has indicated that the construction industry needs government help to stabilize and recover the housing market and that 32% of people who signed contracts for new homes have backed out of them The housing slump also appears to be causing delays on one of the company's largest project, the Orange County Great Park, due to slower sales of houses.In 2007, Lennar posted heavy quarter losses. In 2008, against Wall Street expectations, Lennar has again posted losses, although smaller ones, and its total revenue has slipped 61%. Lennar's CEO Stuart Millar has declared:
For the third quarter of 2008 Lennar reported losses for the sixth consecutive quarter, to a total loss of $2.4 billion since 2006. Its CEO warned on an earning conferences that house prices are still falling after a "false uptick" on August, expressed a fear that they were "chasing the market downward". On the press release he called to the Federal Government for meaningful actuations to stabilize home prices. He also explained that the company was continuing to successfully reposition its product to meet today's consumer demand and cutting construction costs.
Coto de Caza, California
In 2003, Lennar's flagship community Coto de Caza, California in Orange CountyOrange County, California
Orange County is a county in the U.S. state of California. Its county seat is Santa Ana. As of the 2010 census, its population was 3,010,232, up from 2,846,293 at the 2000 census, making it the third most populous county in California, behind Los Angeles County and San Diego County...
was completed. It's a census-designated place
Census-designated place
A census-designated place is a concentration of population identified by the United States Census Bureau for statistical purposes. CDPs are delineated for each decennial census as the statistical counterparts of incorporated places such as cities, towns and villages...
(CDP) and a guard-gated private community
Gated community
In its modern form, a gated community is a form of residential community or housing estate containing strictly-controlled entrances for pedestrians, bicycles, and automobiles, and often characterized by a closed perimeter of walls and fences. Gated communities usually consist of small residential...
, and has around 4,000 homes and 5000 acres (20.2 km²). It started out as an inexpensive community, but it has blossomed into a sprawling affluent community, that now ranks among the wealthiest communities in all of the United States. It is no longer owned or controlled by Lennar, although Lennar Home has development rights on the last 1000 acres (4 km²) in Coto.
Closed military bases
In the words of the LA Times, "for Lennar, closed military bases have become a cottage industry". Lennar has bought closed military bases to clean them up and build neighbourhoods. All of them are great extensions of contaminated land that hold great potential for construction.Mare Island Naval Shipyard
Mare IslandMare Island
Mare Island is a peninsula in the United States alongside the city of Vallejo, California, about northeast of San Francisco. The Napa River forms its eastern side as it enters the Carquinez Strait juncture with the east side of San Pablo Bay. Mare Island is considered a peninsula because no full...
Naval Shipyard is a 5,223 acres 152 year old closed Navy base, owned by Lennar Mare Island, a subsidiary of Lennar corp. The company was chosen on 1997 as the master developer of this site. On 2002 the Navy transferred 650 acres (2.6 km²) to the city of Vallejo, and then to Lennar Mare Island. Lennar stated that it would use those 650 acres (2.6 km²) to build homes, shops, restaurants and businesses. The company got the land for free in exchange for investing $260 million in streets and utilities, historic preservation and building renovation. The Lennar Mare Island Reuse Plan includes 1,400 homes, roughly 7000000 square feet (650,321.3 m²) of commercial and industrial space, and many recreational amenities.
On Mare Island, the Navy paid for the cleanup, Lennar assumed the environmental cleanup of the site. CH2M Hill, Lennar's environmental contractor, is removing contaminated soil and stripping lead paint from houses. There are several landowners waiting for the cleanup to finish so they can use their property, Touro University
Touro University
Touro University is a division of Touro College. It may refer to:*Touro University California, a medical, pharmacy and physician assistant's school in Vallejo, California, USA....
among them.
Marine Corps Air Station El Toro
Marine Corps Air Station El Toro in Orange CountyOrange County, California
Orange County is a county in the U.S. state of California. Its county seat is Santa Ana. As of the 2010 census, its population was 3,010,232, up from 2,846,293 at the 2000 census, making it the third most populous county in California, behind Los Angeles County and San Diego County...
, has 3718 acres (15 km²) and was won on an auction on 2005 for $649.5 million. It will include a 74 acres (299,467.6 m²) cemetery, 3,400 homes and 3000000 square feet (278,709.1 m²) of office, retail and industrial space, as well as a 248 acres (1 km²) exposition center and 45 holes of golf which didn't have a builder as of 2005. The center of the base will be given to the city of Irvine, and will be the center of the Great Park, with 375 acres (1.5 km²) of parkland and 275 acres (1.1 km²) of wildlife and drainage corridors. On 2008 this project has had delays, probably due to the housing slump. Great Park officials have insisted that the project has enough money to be finished, although it will take longer to complete.
Tustin Marine Air Base
Lennar Corporation is currently engaged in a controversial project within the Village of Columbus: Columbus Square over plans to change a condo project from ownership to rental units. http://www.ocregister.com/news/lennar-245092-square-columbus.htmlMarch Air Reserve Base
March Air Reserve Base is an airfield near Riverside in Riverside County, CaliforniaRiverside County, California
Riverside County is a county in the U.S. state of California. One of 58 California counties, it covers in the southern part of the state, and stretches from Orange County to the Colorado River, which forms the state border with Arizona. The county derives its name from the city of Riverside,...
. Lennar built 16000000 square feet (1,486,448.6 m²) of industrial and office space on portions of the base.
Treasure Island in San Francisco
In 2005, Lennar Corporation, proposed to build a self-sustaining city on Treasure Island.Hunters Point Naval Shipyard
Lennar Corp. is building 10,500 homes at this former military base.African-Americans testified that they are "being pushed out, so the city can gentrify the area that is the last black neighborhood."
Munitions found on home sites
Lennar was the developer for a new subdivision of half-million-dollar homes built in Orlando, FloridaOrlando, Florida
Orlando is a city in the central region of the U.S. state of Florida. It is the county seat of Orange County, and the center of the Greater Orlando metropolitan area. According to the 2010 US Census, the city had a population of 238,300, making Orlando the 79th largest city in the United States...
on the site of a former U.S. Army WWII PineCastle Jeep bombing range. Over the course of a year, 126 rockets and bombs were found on the property. In response, Lennar says it relied on studies that "made no mention of ... a military range," and claims the military did not show up in property ownership records because, "it had leased the land."