One Charter Oak
Covina, CA
The Covina “triple clutch” involved winning a competitive auction style bid over developers and builders for the right to deposit 1.2 million non-refundable dollars into an option contract to develop a former elementary school site. After a successful and exhaustive entitlement effort with heavy opposition, there was a complicated, concurrent four party close of escrow: From Charter Oak Unified School District to Sheldon the Buyer (at a cash price of $12.5 million), Sheldon closed escrow and sold the residential land to Lennar and conveyed a two acre park site to the city of Covina in exchange for paying park fees and the city’s approval of the project.