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SunCal Back at Oak Knoll

Former Naval hospital building at Oak Knoll, imploded in 2011. (File photo)

Former Naval Hospital building at Oak Knoll, imploded in 2011. (File photo)

Irvine, California based developer SunCal is back in the game at Oak Knoll in Oakland, having purchased the property for an undisclosed amount from the Lehman Brothers estate.

SunCal had been working to redevelop the site of the former Oakland Naval Medical Center with financial backing from Lehman Brothers back in 2008 when the investment bank’s bankruptcy filing threw dozens of SunCal projects into disarray and triggered a global economic crisis.

The company had also been the chosen master developer for Alameda Point, the former Naval Air Station in Alameda.

However, in 2010, a SunCal backed ballot measure need to support the thousands of homes the developer proposed for Alameda Point was defeated with 85 percent of voters opposed.

Just a few months later, Alameda City Council voted to terminate the development agreement with SunCal.

At Oak Knoll, SunCal is attempting to pick up on a pre-crisis plan for 960 homes, 82,000 square feet of commercial and retail space, and 50 acres of parks.

SunCal said the purchase transaction closed May 9th.

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