Irvine-based developer SunCal Cos. is delaying until next year a vote on its plans to redevelop a former Naval base in Northern California.
The developer, known locally for San Clemente’s stalled Marblehead Coastal development and several other troubled projects with bankrupt Lehman Brothers Holdings Inc., wants to put its plans for Naval Air Station Alameda to a vote in 2010 instead of November.
The former naval base closed in 1997 and is set to be turned over to the city of Alameda for redevelopment under an initial deal struck in 2006.
SunCal’s plan calls for 4,800 homes, more than 3 million square feet of commercial and business park space and 145 acres of parks and open space, as well as a new ferry terminal, library, schools and a fire station.
The project faces opposition from residents who have staged protests against the redevelopment and SunCal’s ballot efforts.
SunCal has about 8,000 signatures to put its project on the ballot, more than the 6,000 needed, according to local newspaper reports.
The company is opting to put the measure to voters next year rather than in November to allow it and the city more time to negotiate a final deal with the Navy.
The city and SunCal have been talking with the Navy for changes in the terms of their deal to purchase the former Naval base, including a $50 million drop in the asking price that was rejected, according to the San Jose Mercury News.
Opponents of the project contend SunCal is backing out of a November vote because it could lose.
SunCal made headlines last year as several of its projects were cited as factors in the bankruptcy filing of Lehman Brothers.
The investment bank isn’t directly part of the Alamada deal, according to SunCal. The project’s backer is New York-based D.E. Shaw & Co., a hedge fund in which Lehman owns a 20% stake.
