Thursday, November 20, 2008

Oak Knoll Project Still Has a Chance

By Chris Thompson
Thu, Nov 20, 2008 at 7:11 AM

When Lehman Brothers collapsed, local developer SunCal Oak Knoll LLC lost its financing to build market-rate and affordable housing at the old Navy site in the East Bay hills. Now, the company thinks it might have found a way to raise enough cash to get the project started again: declare bankruptcy. According to the Tribune, the bankruptcy filing could free up to $75 million to cover certain "critical expenses," including the Oak Knoll project. Meanwhile, thieves are sneaking onto the site and ripping out the copper plumbing from the old Navy properties.

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