image: Abandoned Housing Development. Arizona Desert, 2009
Another major housing crash casualty was reported yesterday by The Arizona Republic:
Pinnacle West Capital Corp. subsidiary and once-prominent local developer SunCor Development Co. has filed petitions in U.S. Bankruptcy Court as a final step toward dissolving the company and its remaining subsidiaries.This was another company that was flying high until the bubble burst, sending it plummeting back to Earth:
Tempe-based SunCor Development's board of directors signed a resolution Friday authorizing the voluntary bankruptcy filing, which includes 17 SunCor subsidiaries.
Incorporated in 1986, SunCor grew to become one of the Southwest's most prominent developers in the 1990s and early 2000s, developing residential communities, golf courses and commercial-real-estate projects.And lo, we see the death of yet another company which had the long term viability of a golf course in the middle of the desert.
At the peak of its success in 2005, SunCor had nearly 800 employees, according to Pinnacle West.
The company ran into serious financial trouble in 2008, after the collapse of both the residential and commercial real-estate markets.
Bonus: Dry the rain