SAN JOSE — Fast-rising construction costs have snarled efforts to complete big housing developments in San Jose and Fremont that are key projects tied to a massive real estate fraud case, court papers show.
The court-appointed receiver, David Stapleton, has embarked on a quest to finish the two condominium projects and then sell the condos to individual buyers once the housing complexes are completed. “The receiver continues to scrutinize all construction-related costs and additional aspects of the budget,” Stapleton stated in a court in late June. “Correcting these significant and complex issues has required and continues to require substantial time.”
“COVID-related staffing issues are impacting the trades and these are not dissimilar from greater socioeconomic factors impacting several industries across the country,” the court filing stated.“The availability of competitive workmanship is scarce and when reliable subcontractors are available, their bids are priced at a premium compared with the pre-COVID environment,” the receiver claimed in the legal papers.
Now, it’s expected that the San Jose Almaden housing development will require at least $37 million to $38 million to complete — including an increase of $23 million to $24 million in “hard costs” and an increase of $14 million in “soft costs,” the court papers state. The uncertainties and delays that loom over the San Jose and Fremont housing developments also create a forbidding prospect for Silicon Sage’s investors and creditors.
Source: Real Estate Daily Report (realestatedailyreport.net)
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