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Orinda Gateway project to resume

By scarney
Thursday, July 2nd, 2009 at 2:43 pm in Orinda.

The developers of the Orinda Gateway, or Wilder, Project are expected to resume building within the next few weeks now that the financial problems surrounding the development have been cleared up.

A group of investors came to an agreement with the lender of the project, Merrill Lynch, to pay off the full $180-million mortgage and finance the remainder of the project. The original developer of the project defaulted on the mortgage, stopping building in March.

All liens against the property that could cause potential future problems are also being paid as part of the agreement.

The Orinda Gateway project is located just east of the Caldecott Tunnel.

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