Foreclosures Bring to a Halt Development on Chino’s College Park Land

The College Park land in the heart of Chino sold is scheduled for a foreclosure auction as the developer, SunCal Companies, based in Irvine has been unable to repay a loan of $76 million and is defaulting.

The officials of Chino City said they are hoping that the lender will come out as the highest bidder. Joe Aguirre speaking on behalf of SunCal said, "The sale involves assets of the overall master-planned community, but does not include property that is owned by homeowners or lots that have been sold to homebuilders".

Lehman Brothers financed SunCal. The Great Recession and its impact on the housing segment told on the fortunes of Lehman; this in turn negatively affected SunCal.

The officials of the city had estimated that development of College Park spread across 710 acres would be finished in about ten years. It was the second largest community project of Chino City but all the major construction work has come to a halt from 2009. SunCal had reached the final development state that would have entailed the constructing of 1,000 residences as well as a centre for recreation.

Eunice Ulloa, councilwoman bemoaned, "It’s just sad. SunCal had great hopes for that property, as did we, as an exciting project. They had some exciting project types. The concept was a beautiful concept, but when the economy turns south, you have to expect casualties".

Work had commenced from 2006 and out of a target of 2,200 houses, 550 were completed said Michelle Van der Linden, spokesperson of Chino City. Because of the financial problems of SunCal the maintenance of College Park came to be neglected.

The staff of the city had been in touch with SunCal during summer regarding many maintenance matters – landscaping of the office and fountain area as well as the entry point on Edison Avenue and Oaks Avenue. But during last fall the officials of SunCal admitted that they cannot afford to keep up with maintenance. The crew from the city then jumped in to do the needful said Van der Linden.

One of the new residents was Carly Colvin. In 2008 she had moved into College Park with her spouse and two kids and soon after doing so she noticed that the work had slowed down. News about the sale caught her by surprise.