Construction delays add millions to East Bay projects - San Francisco Business Times:

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Work on several big projects, mainly in the East Bay, has come to a standstil in recent months as the creditt crunchtook hold. Stopping constructiobn for months or years can add millions to the cost once aprojecrt resumes, says Eric Foster, seniofr vice president and region managerd for in San Francisco. “Every project is different,” he “There are thousands and thousands of parts that go into theseprojectd ... and those are thingsd that need to be dealt with when aproject stops.” Shorenstein Properties halted work on its proposedc 23-story office tower in Oakland. It had not begun the actual building, but had prepared the ground for construction.
Even in a situation where work was inearly stages, Fostedr said, the contractors may have alreadty ordered materials and would then have to either stored them, return them or sell them to anothedr builder. Other projects took a breakj in later phases suchas ’zs City Walk, a 252-unit, seven-story residential project that has been on hold sincr July 2007 after the original contracto r abandoned the project. In AF Evans Development Inc. stopped work last August on the a 75-unit development that was 92 percent complete. Olson Co.
decidedd to put City Walk on the market earliet this year and with the goal of findintg a buyer that will complete the That kind of situation can beespeciallh costly, Foster said, because the original builder is gone and a new contractor will have to come in and make sense of wherw the project is and what construction can still be salvaged. “s lot of that job, when it’s restarted, will have to be torn down and Foster predicted. Irvine-based put the breaks on two majorf projects last fall afterits , declared bankruptcy.
Its projects include the 310-acrse Delta Cove development in Bethel Island andthe 167-acre redevelopmeng at the Oak Knoll former Naval Hospital in East where it had planned to start demolishing buildings. Joe Aguirre, a spokesman for SunCal, declinerd to say how much the firm is spending to maintaistalled projects, but said it is paying to keep the site