FOUNTAIN VALLEY : 2 Unused Schools Sold for Nearly $14 Million

The Fountain Valley School District has sold two surplus school properties that will net the district nearly $14 million.

The long-awaited deal to sell James O. Harper and John B. Bushard elementary schools was announced at Thursday’s meeting. Both sites have been closed for more than 10 years.

Board of Trustees President Robert Sedlak said that trustees, in closed session, unanimously voted to sell the two properties to two development companies.

“This will bring in badly needed funds to the district,” Sedlak said.

Kaufman & Broad-South Coast Inc. of Newport Beach was selected to buy the Bushard site in Huntington Beach for $5.7 million, Sedlak said. Demolition of buildings will start Oct. 15.

The board also entered into a final sales agreement to sell the Harper site in Fountain Valley to Costain Homes Inc. of Newport Beach for $8.26 million.

Marc Ecker, assistant superintendent for administration and business, said that not more than 59 single-family homes will be built on the 14-acre Harper site.

Ecker said city approvals have already been given to build 58 single-family homes on the 10-acre Bushard site.

Sedlak said both deals pose no financial risk to the district, because the land is being sold outright and no joint-venture partnership will be involved.

The district had entered into a joint-venture agreement with another developer to build houses on the Harper and Bushard sites as well as Lighthouse Lane, formerly the school district’s offices. But that deal fell through last year after the developer failed to secure financing for the projects.