Excerpt:

In a twist of deja vu, SunCal is back to redeveloping the Oak Knoll project in the Oakland Hills — a 167-acre, former naval hospital site with the potential for more than 900 homes.

Irvine-based SunCal has now bought the same site twice: once in 2005 for $100.5 million and again last week from the Lehman Brothers estate. SunCal declined to comment on the second sale price, but industry sources told me it was $76 million.

SunCal originally partnered with Lehman to buy the site and turn it into housing, but those plans fell apart after Lehman declared bankruptcy in 2008 — a watershed event during one of the worst economic recessions in U.S. history.