Huntington Beach : Building Pact to Bring Ocean View $6 Million
Ocean View Elementary School District and a Costa Mesa development company have agreed on a plan for developing homes on unused school property that will bring about $6 million to the district, officials said.
The district announced this week that its agreement with Warmington Homes “paves the way for construction of approximately 50 single-family homes on an unneeded school site near Graham Place and Slater Avenue in Huntington Beach.”
Construction of the homes could begin by October, the district officials said.
Terms of the contract between Warmington and the school district call for a land payment to the district of $5,720,000, plus a profit-sharing provision that is estimated to bring in $300,000 or more.
School board president Carolyn Hunt said the funds would be placed in trust and would only be used for school construction or renovation.
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