OAKLAND, Calif. (KCBS) -- Oakland officials say Lehman Brothers has agreed to help pay to ease the fire danger at the closed Oak Knoll Naval Hospital property and city officials hope this will provide the kick start needed to develop the area.
KCBS’ Bob Melrose Reports
Lehman Bros. had entered into an agreement with another company to develop the 167 acre site, but those plans were shelved because of financial difficulties. As the months rolled on, the site became overgrown with weeds, buildings have been abandoned, and the area has become a large fire hazard.
Now, Lehman Bros. is going to spend $3.7 million to tear down buildings and clean up the property.
Clean up will start in two weeks, and six months to complete.
(MGO)
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