The West Aurora School District Board Monday unanimously approved a resolution to enter into a contract to sell 34.2 acres of property in Aurora to residential builder Lennar for $2.5 million.
Lennar’s Chicago division was the highest bidder out of two sealed bids the district received July 24, district officials said.
The property to be sold is between Edgelawn Drive and Orchard Road in Aurora, with Prairie Street to the south. The school board last month declared the property surplus, an initial step in the process to sell the property, district officials said.
The low bid was $1.5 million. The district declared a minimum low bid of $1.45 million that would have allowed the district to put the property on the real estate market through a broker. However, that will not be necessary, district officials said.
“Both of the bids received were for single-family, age-targeted detached homes,” West Aurora School District Assistant Superintendent of Operations Angie Smith said.
Lennar was the second largest national builder of homes by revenue and closings in 2022. Locally, it is the largest builder in the Chicago area with more than 1,500 homes completed this year, Smith told board members.
As for preliminary plans, Lennar is proposing to build approximately 67 homes ranging in price from $400,000 to $450,000 at the site, she said.
The property was originally purchased by West Aurora School District to be the site of a replacement school for Greenman Elementary. However, the district decided to build a new building on the Greenman School site. The district similarly built a new Hill Elementary School on the Hill School site, Smith said.
Placing the property back on the tax rolls will have a significant impact on the district, the assistant superintendent of operations said.
“Obviously the sale price is helpful but from a district standpoint the real value is getting the property back on the tax rolls,” Smith said.
It is estimated the overall development will add $446,823 annually in tax revenue to the school district.
What Lennar is proposing at this point is “very preliminary,” Smith said.
Some preliminary housing styles range from 1,428 square feet to 2,002 square feet.
The city of Aurora will oversee the residential development including the site layout plans.
“The actual development for roads and curb cuts are the purview of the city of Aurora. Once the district makes a decision to sell the property and award the contract for purchase, the developer would start on a different track with the city,” Smith said.
The next step is for Lennar to begin its due diligence, which includes soil testing, in-depth conversations with the city and required public hearings. Ideally, the district is looking to close on the property later this year, Smith said.
Linda Girardi is a freelance reporter for The Beacon-News.
