Lennar Will Complete 4,000-Acre Development

Only a few months after purchasing one of Orange County’s largest housing developments, Lennar Corp. Thursday took control of the Stevenson Ranch, a giant 4,000-acre development in the Santa Clarita Valley.

Miami-based Lennar, one of the nation’s largest home builders, will complete construction of the planned community as managing partner of a joint venture with the Dale Poe Development Co., the Agoura-based company that started work on the Stevenson Ranch development about a decade ago. So far, more than 1,500 homes have been built in the development in northern Los Angeles County.

Lennar will supply the cash to carry out the plans of company founder Dale Poe, who along with his wife, Margaret, was killed in automobile accident in May 1993. Stevenson will contain about 5,000 homes and about 150 acres of commercial development when finally completed.

“This will allow future development to proceed on schedule,” said Greg McWilliams, chief executive of Dale Poe Development. McWilliams said the Poe company and family began looking for a partner for the Stevenson Ranch project about a year ago to help the firm pursue projects on its other real estate holdings in Southern California and Nevada.

Lennar officials were not available to comment, and it could not be learned what its ownership interest in the Stevenson Ranch will be.

Last May, Lennar purchased and became manager of the 2,200-acre Coto De Caza development, a large gated community in southern Orange County. In partnership with another investor, Lennar purchased the development for an estimated $50 million from Chevron Land and Development Co.