type public traded as nyse len s & p 500 component industry construction founded 1954 1954 founder leonard miller headquarters miami florida area served 18 states across the united states key people stuart a. miller president and ceo operating income us 329 million 2016 2q net income us 218 million 2016 2q total assets us 14.8 billion 2016 total equity us 6.1 billion 2016 website www.lennar.com lennar s branch office in san ramon california lennar corporation nyse len is a fortune 500 company based in miami florida united states in the fontainebleau area . 1 2 it was founded in 1954 . 3 lennar started as a single family homebuilder in miami florida in the early 1950s and it has grown by acquisition . it concentrates on single family attached and detached homes and purchases land through unconsolidated entities . rialto capital managements is part of lennar s financial arm . rialto invests in real estate and manages funds that invest in real estate . it also provides mortgage financing title insurance and closing services . while lennar is an originator it sells its origination pipeline in the secondary market and doesn t retain servicing . 4 in 2008 lennar was the united states second largest homebuilder 5 constructing homes in 18 3 different states throughout the united states including arizona california colorado delaware florida georgia illinois maryland massachusetts minnesota nevada new jersey new york north carolina pennsylvania south carolina texas virginia . 3 its commercial operations are handled by its spinoff lnr property corporation now owned by cerberus capital management . 6 contents 1 history 1.1 housing slump 2 notable projects 2.1 coto de caza california 2.2 mountain crest north metro atlanta 2.3 closed military bases 2.3.1 mare island naval shipyard 2.3.2 marine corps air station el toro 2.3.3 tustin marine air base 2.3.4 march air reserve base 2.3.5 treasure island in san francisco 2.3.6 hunters point naval shipyard 3 munitions found on home sites 4 references 5 external links history edit this section needs expansion . you can help by adding to it . july 2008 originally co founded in 1954 under the name of f & r builders by gene fisher and arnold rosen . gene fisher was replaced by leonard miller when leonard invested 10 000 into f & r builders . in 1971 f & r builders went public under the new name of lennar a combination of leonard and arnold . 7 in 1992 following hurricane andrew as the largest house builder in florida lennar faced numerous lawsuits . 8 in 1995 lenner acquired two homebuilders in texas ; in 1996 the company acquired two homebuilders in california . in 1998 lennar acquired the north american title company title and escrow service company in arizona california and colorado . 9 in 1997 leonard miller died and his son stuart miller replaced him as ceo and president of the company . 10 in 1997 it spun off lnr property corporation which handles the commercial operations 10 under control of stuart miller . according to corporate disclosure stuart miller is the sole director and officer of a family owned corporation which owns stock that gives it voting control of both companies . referring to lennar corporation and lnr property corp. 11 12 in 2006 it was listed as a fortune 200 company 13 and one of forbe s america s best managed companies . 14 in 2011 lennar was defrauded by former businessman and convicted felon barry minkow in a stock manipulation scheme which caused the company s stock to lose 26 % of its value . minkow was sentenced to five years in prison and ordered to pay 584 million in restitution for the crime . 15 housing slump edit in 2007 and 2008 lennar corporation was affected by the crisis of the u.s. housing market and its ceo has indicated that the construction industry needs government help to stabilize and recover the housing market and 5 that 32 % of people who signed contracts for new homes have backed out of them 16 the housing slump also appears to be causing delays on one of the company s largest project the orange county great park due to slower sales of houses . 17 in 2007 lennar posted heavy quarter losses . in 2008 against wall street expectations lennar has again posted losses although smaller ones and its total revenue has slipped 61 % . 18 lennar s ceo stuart millar has declared consistent with our expectations the housing market has continued its downward trend throughout our second quarter . foreclosures have increased while higher unemployment and diminishing consumer confidence have defined overall economic weakness . as a result the housing market has continued to experience growth in inventory levels which has depressed the prices of homes and restricted the ability to sell those homes in markets across the country . 18 for the third quarter of 2008 lennar reported losses for the sixth consecutive quarter to a total loss of 2.4 billion since 2006 . 19 its ceo warned on an earning conferences that house prices are still falling after a false uptick on august expressed a fear that they were chasing the market downward . 19 on the press release he called to the federal government for meaningful actuations to stabilize home prices . 19 20 he also explained that the company was continuing to successfully reposition its product to meet today s consumer demand and cutting construction costs . 19 20 notable projects edit coto de caza california edit in 2003 lennar s flagship community coto de caza california in orange county was completed . it s a census designated place cdp and a guard gated private community and has around 4 000 homes and 5 000 acres 20 km2 . it started out as an inexpensive community but it has blossomed into a sprawling affluent community that now ranks among the wealthiest communities in all of the united states . it is no longer owned or controlled by lennar although lennar home has development rights on the last 1 000 acres 4.0 km2 in coto . 21 mountain crest north metro atlanta edit lennar corp. is proposing a massive complex of houses and townhomes north of atlanta in forsyth county georgia . the georgia division of the miami based home builder has proposed mountain crest a project with 572 single family homes and 124 townhouses west of cumming georgia along chamblee gap road according to a development of regional impact filing posted this month with the state department of community affairs . the proposed 280 million project to take place over multiple phases through 2022 includes a trail network to the big creek greenway . 22 closed military bases edit this section needs expansion . you can help by adding to it . july 2008 in the words of the la times for lennar closed military bases have become a cottage industry . 23 lennar has bought closed military bases to clean them up and build neighbourhoods . all of them are extensions of contaminated land that hold potential for construction . mare island naval shipyard edit mare island naval shipyard is a 5 223 acre 152 year old closed navy base owned by lennar mare island a subsidiary of lennar corp. 23 the company was chosen on 1997 as the master developer of this site . on 2002 the navy transferred 650 acres 2.6 km2 to the city of vallejo and then to lennar mare island . 24 lennar stated that it would use those 650 acres 2.6 km2 to build homes shops restaurants and businesses . the company got the land for free in exchange for investing 260 million in streets and utilities historic preservation and building renovation . 23 the lennar mare island reuse plan includes 1 400 homes roughly 7 000 000 square feet 650 000 m2 of commercial and industrial space and many recreational amenities . 24 on mare island the navy paid for the cleanup lennar assumed the environmental cleanup of the site . 23 24 ch2m hill lennar s environmental contractor is removing contaminated soil and stripping lead paint from houses . 23 there are several landowners waiting for the cleanup to finish so they can use their property touro university among them . 23 marine corps air station el toro edit marine corps air station el toro in orange county has 3 718 acres 15.05 km2 and was won on an auction on 2005 for 649.5 million . 23 it will include a 74 acre 300 000 m2 cemetery 3 400 homes and 3 000 000 square feet 280 000 m2 of office retail and industrial space as well as a 248 acre 1.00 km2 exposition center and 45 holes of golf which didn t have a builder as of 2005 . 25 the center of the base will be given to the city of irvine and will be the center of the great park with 375 acres 1.52 km2 of parkland and 275 acres 1.11 km2 of wildlife and drainage corridors . 25 on 2008 this project has had delays probably due to the housing slump . 17 great park officials have insisted that the project has enough money to be finished although it will take longer to complete . 17 26 tustin marine air base edit lennar corporation is currently engaged in a project on the former site of marine corps air station tustin within the village of columbus columbus square over plans to change a condo project from ownership to rental units . 27 march air reserve base edit march joint air reserve base is an airfield near riverside in riverside county california . lennar built 16 000 000 square feet 1 500 000 m2 of industrial and office space on portions of the base . 23 treasure island in san francisco edit main article treasure island development in 2005 lennar corporation proposed to build a self sustaining city on treasure island . however the once proposed self sustaining city on treasure island dubbed project honeycomb failed to meet the necessary financial backing . efforts were since shifted to purchasing and acquiring land from low income neighborhoods . hunters point naval shipyard edit main article hunters point shipyard development lennar corp. is building 10 500 homes at this former military base . african americans testified that they are being pushed out so the city can gentrify the area that is the last black neighborhood . 28 munitions found on home sites edit lennar was the developer for a new subdivision of half million dollar homes built in orlando florida on the site of a former u.s. army wwii pinecastle jeep bombing range . over the course of a year 126 rockets and bombs were found on the property . in response lennar says it relied on studies that made no mention of ... a military range and claims the military did not show up in property ownership records because it had leased the land . 29 references edit fountainbleau cdp florida . u.s. census bureau . retrieved on january 7 2010 . legal notices . lennar corporation . retrieved on january 9 2010 . a b c lennar corporation about lennar . lennar corporation . retrieved 2008 07 24 . nyitray brent . background on lennar . market realist . market realist inc. a b lennar posts worse than expected loss ; orders fall . reuters . thomson reuters . 2008 06 26 . retrieved 2008 07 24 . lnr property corporation agrees to be acquired for 63.10 per share in cash . lnr property . lennar corporation about lennar . lennar corporation . investor s business daily lennar s stuart miller humility and focus helped him build up his firm by alison young may 7 2001 reference for business stuart a. miller 1957 retrieved august 10 2015 a b lennar s founder dies at 69 . south florida business