Monday, October 13, 2008

Wall Street Crisis Kills Oak Knoll

Mon, Oct 13, 2008 at 9:34 AM

When we heard Lehman Brothers had folded, we had a bad feeling about whether the Oak Knoll housing development would go forward, since Lehman bankrolled the project. Sure enough, the developer SunCal Companies has stopped work on the plan to demolish the old Navy properties and build more than 900 homes on the East Oakland hills site. SunCal bought the surplus property for more than $100 million, but now doesn't have the cash to finish the job. (They did, however, have enough money to cut down all the trees before the cash ran out.) According to the Oakland Tribune, the project at Alameda Point, which SunCal is also overseeing, will continue, as that development is underwritten by different investors.


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