Orange County Business Journal: SunCal Back in Game on Auction, Army Deal, April 17, 2011
Irvine-based master developer SunCal Cos. suddenly has the makings of a growth push after several years in legal limbo.
The company, one of California’s most aggressive land buyers during the real estate boom, earlier this month got the lead role in a 180-acre redevelopment at a former Army Reserve base in the Bay Area.
It also reclaimed control of three California mega projects that have been in bankruptcy protection for more than two years.
If the latest proposal by SunCal’s lawyers makes it through an increasingly convoluted bankruptcy process, the developer also could find itself directing the reorganization—and regaining ownership—of several other stalled projects.
One of those is San Clemente’s Marblehead Coastal development.
“They’re definitely going after land again,” said Terry Ruckle, founding principal at Land Advisors Organization, a land brokerage with offices in Irvine.