The receivers are Jerry Hunt and Quattro Realty Group, a new asset advisory firm led by Brad Blake; Hunt and Blake also own the development firm Blake Hunt Ventures. Wachovia and the receiver are being advised by Federal Realty Investment Trust and Wilson Meany Sullivan, respectively the developers of Santana Row retail development and The 88 condo development, both in San Jose.

The City of Sunnyvale, which OK'd the sale of the property to the Sand Hill-Rreef JV a previous developer failed to make it happen, expressed relief with the appointment of a receiver for the property. City Manager Gary Luebbers said says the global economic meltdown was occurring right about the time the Sand Hill-Rreef JV sought a second round of financing to complete the project. The developer was unable to secure the additional financing, and the project halted, he says.

"Our growing concern was that there could be significant damage to the partially-built project if it not protected from the coming rain and winter," Luebbers said. "That concern can now be set aside… ."