San Francisco Business Times
From The Article:
Master developer SunCal Cos. is considering whether to move forward with its 310-acre Delta Coves project in Bethel Island, a community of about 2,500 people in east Contra Costa County. The site was entitled for 494 single-family homes with a marina.
Irvine-based SunCal stalled work on the project in 2008 after its financial partner, Lehman Brothers, collapsed.
The developer bought the property last summer from Lehman as part of a settlement from a lawsuit SunCal filed against Lehman involving various development sites.
Other properties SunCal had been developing with Lehman Brothers funds include Oak Knoll, a former naval hospital site in the Oakland hills where the developer had planned to build 960 homes and 82,000 square feet of commercial space. That project is now held by an asset management company that is overseeing former Lehman Brothers properties.
As for Delta Coves, SunCal spent the last few months doing maintenance work on the property and looking at completing unfinished infrastructure.
“SunCal’s team is also strategizing the potential development timelines and next steps for the community,” said Joe Aguirre, a SunCal spokesman, in an email.