Posted November 27, 200519 yr This discussion was needed, and I am glad that the PD picked up this topic. Maybe, just MAYBE, this discussion will help entice Forest City to invest in it's hometown a little bit more. It also might change some perceptions about the company (though the timing of this series is questionable, since FC wants a new Convention Center on their site). The paper started a weblog dedicated to Forest City at http://www.cleveland.com/weblogs/forestcity/ From lumber yard to real estate Sunday, November 27, 2005 Christopher Montgomery Plain Dealer Reporter Ayear ago, Forest City Enter prises Inc. sold its lumber busi ness in Portland, Ore. It was a small operation in a company that measures its balance sheet by the billions. To reach this Plain Dealer reporter: [email protected], 216-999-4059 © 2005 The Plain Dealer © 2005 cleveland.com All Rights Reserved.
November 27, 200519 yr I find it interesting that Sam Miller had an association with mobster Shondor Birns. I guess I shouldn't be surprised, considering his wife Ruth was good friends with the late Mafia capo Tony Liberatore. Now, I'm not saying that Forest City is mobbed up. But they do have a mobster's bullying approach when it comes to doing business in this town. I had no idea that Forest City bought Scranton Peninsula as far back as 1988. That's discouraging. Their lack of action on that project, and unwillingness to develop high-rise housing around and in support of Tower City is a pall on this city. What kind of message is Forest City sending to Greater Clevelanders who aren't sure if they want to stay here? Is this a self-fulfilling prophecy? By the way, in the news business, we call a series like the PD's on Forest City "fluff and puff" or a "pimp piece" that's either intended to make the bed for more advertising or to curry favor between PD publisher (and expert bully) Alex Machaskee and Sam Miller & Co. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
November 27, 200519 yr ^fluff and puff? i'll say, but i enjoyed the articles as broadly informative. however, the whole thing begs for a hard hitting but fair editorial companion piece -- re something like what can fcr honestly do for their part to help spur redevelopment in downtown cleveland and what can they not do? why do they sit on valuable local real estate and do nothing? etc.
November 27, 200519 yr I honestly did not know that the Forest City store on St. Clair had anything to do with Forest City enterprises. I remember being about 3 years old going there with my Mom. (Actually I vividly remember being mad at her because I had to go to the bathroom and she would not let me use any of the dozens of toilets just sitting there on the floor :-) )
November 27, 200519 yr mrnyc, Next Thursday's PD will discuss "What does a Cleveland developer owe its home city?" While it is greatly disheartening that FC has done nothing on Scranton Peninsula, the fact that they are sitting on it does suggest that they feel its value will go up someday. If it were a hopeless property, I would think that FC would want to rid itself of the land and reinvest in other projects.
November 29, 200519 yr Stapleton residents are embracing a new city with old urban charms Tuesday, November 29, 2005 Denver- To see Denver's Stapleton project today is to see the birth of a city. The southeastern portion is a massive construction zone, teeming with trucks and contractors, filled by day with the sounds of hammers, drills, saws and nail guns. On dirt lots alongside freshly paved or unfinished streets are row upon row of new houses, some nearly finished, some plywood skeletons. Scattered around are trash bins, rolls of sod and portable toilets. From here, Stapleton is indistinguishable from the suburban subdivisions it was designed to outshine. But just to the west, in a finished part of the project, you can see the vision beginning to take shape. More at cleveland.com http://www.cleveland.com
December 1, 200519 yr finally, some push back on fcr. i see their point on investing in coastal developments or where the population is booming, but i dont see it at all with the middle of the usa developments like denver and pitts. cleveland should rate at least that kind of big project investment gamble. i honestly would be afraid to let fcr get hold of burke airport if it were closed down. what would they do? odds are just as good they would sit on the property and cry and write it off like they do all their other locally owned land parcels as they are they would develop it out like stapleton. regardless that is many years down the road if it happens at all. another thought i had is that cooperating for this series looks like a ploy and a big push for fcr getting the convention center. it might just work!
December 1, 200519 yr ^I don't see this as a push to get the convention center at TC. If so, they did a poor sell. I thought today's article was very fair. Additionally, if Burke is ever used for housing, it will be a long way off. There is a lot of acreage there and it would kill the downtown market. Chris Ronayne pointed out that downtown needs to be built out and then we should open up areas such as Burke. I agree with that.
December 1, 200519 yr The article was vaguely depressing, but didn't say anything I didn't already know (or assume). They're businessmen, they look at the bottom line, and Cleveland's a tough market. But if Rosentraub is right that we've got them for at least another 20 years, I think they'll have a chance to become more active here in the near future. I believe downtown (and the city as a whole) will begin to wake from its slumber 3-5 years from now, as some big development projects finish up. Guess I'm more optimistic than the Census!
December 1, 200519 yr ^ I had the same thoughts. If they stay here for another 20 years the city may be a completely different place by then. There are some huge projects that will be finished in the next 5 (Flats East Bank, Avenue District, ECP, Steel Yard Commons), and if we add a few more developments in the WHD and on the West bank of the flats downtown Cleveland will be a completely different place. As long as we can hold onto all of our big companies and keep them downtown, I do not see why the momentum that has been established in the past year can't be carried, and even multiplied in the future. I hope Forest City stays in town, and hopefully in the next 10-20 years they see a need to develop Scranton Penninsula, or Burke.
July 2, 200618 yr Here's a blast from the past I came across while surfing the web.... _________________ http://query.nytimes.com/gst/fullpage.html?res=9C0CE0D8123EF933A05751C1A966958260 Focus: Cleveland; Bucking the Trend on Shopping Malls By JENNIFER STOFFEL Published: December 30, 1990 WHEN banks in Cleveland were approached in 1986 to invest in redeveloping 34 downtown acres into an ambitious mix of shopping, restaurants, offices and a hotel, they reacted cautiously. As in most cities, suburban shopping mall development had for several decades drawn business out of the city's center, and attracting new retailers and bringing shoppers back to downtown was clearly going against the tide. Yet the downtown project was attractive to bankers because they were already heavily invested in this city's turnaround. Crowned by the landmark 52-story Terminal Tower -- since the 30's a prominent office building atop the central transit station -- the redevelopment was seen as crucial to revitalizing a much-beleaguered city center. Its site spans several blocks between the Cuyahoga River and Public Square. .......... "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
March 19, 200718 yr .......sorry but it's in dc :whip: Forest City lands D.C. anchors Posted by Henry J. Gomez March 19, 2007 17:12PM Categories: Breaking News Forest City Enterprises Inc. (NYSE: FCE-A) has signed two government agencies for its mixed-use Waterfront development the Cleveland-based firm is building in Washington, D.C. The District of Columbia's Office of the Chief Financial Officer and the Department of Consumer and Regulatory Affairs are expected to move in sometime in 2009. The two tenants will occupy a combined 500,000 of the 1.2 million square feet of office space planned. More at cleveland.com http://www.cleveland.com and http://www.forestcity.net/properties/waterfront.asp http://www.waterfrontdc.com/
March 30, 200718 yr Crain's: Forest City's results climb 9:06 am, March 28, 2007 Forest City Enterprises Inc. (NYSE: FCEA, FCEB) has reported big earnings gains for the fourth quarter and full year of 2006 compared to the like periods in 2005 as the real estate giant benefited last year from large gains on the disposition of rental properties. Forest City said its fourth-quarter earnings more than doubled, to $70.6 million, or 66 cents a share, from $28.2 million, or 27 cents a share. The company recorded a gain on the disposition of rental properties of $64.6 million in the latest fourth quarter compared to a gain of $33.7 million from disposition of such properties in the fourth quarter of 2005. Revenue for the quarter rose 15%, to $360.4 million from $313 million. More at crainscleveland.com http://www.crainscleveland.com
March 31, 200718 yr yes, lets make a profit tearing down peoples homes, lobbying government and neglecting to invest in city you're HQ'd in. I guess if it aint broke......
April 2, 200718 yr I was looking through some old papers I'd clipped from magazines... look familiar? And notice anything about this particular rendering? *cough*half-@ssed*cough* clevelandskyscrapers.com Cleveland Skyscrapers on Instagram
April 3, 200718 yr Is the second picture just a blow up of the first, or did it come from somewhere else? I am confused I am easily confused
April 3, 200718 yr ^You can either blame it on my avatar or for posting at 3:30 am... but not both :-D
April 3, 200718 yr ^^^ I love that blue Cuyahoga! Yeah, I'd love to FC build a lot more in their home town, but not sure they're any worse in that respect than any other big company in town. When't the last time Eaton built a factory in Cleveland?
April 3, 200718 yr This isn't a criticism of them building more - it's a criticism of not finishing Tower City Center in the first place. clevelandskyscrapers.com Cleveland Skyscrapers on Instagram
April 3, 200718 yr Can someone point out to me what's missing, other than the landscaped bank of the Cuyahoga?
April 3, 200718 yr This isn't the best angle to show the contrast, but look at the parking lot, the exposed girders, etc. instead of an enclosed garage, glassed atrium: clevelandskyscrapers.com Cleveland Skyscrapers on Instagram
April 3, 200718 yr Thanks to cooperative weather, here are more pics: clevelandskyscrapers.com Cleveland Skyscrapers on Instagram
May 1, 200718 yr Forest City Announces Grand Opening of The Promenade Bolingbrook Town Center Cleveland - CLEVELAND -- Forest City Enterprises, Inc. (NYSE:FCEA)(NYSE:FCEB) today announced the grand opening of The Promenade Bolingbrook, a 736,000-square-foot open-air town center in suburban Chicago. The Promenade Bolingbrook will serve as a main street-style town center for Bolingbrook residents and is expected to attract visitors from across the Chicagoland region. The $135 million center is anchored by Macy’s and Bass Pro Shops. The retail center will also include numerous specialty retailers and restaurants, including Aéropostale, Barnes & Noble, Champs Sports, Coldwater Creek, Forever 21, Gymboree, Hollister Co., New York & Company, Victoria’s Secret, Johnny Rockets, Salad Creations and Ted’s Montana Grill. More at crainscleveland.com http://www.crainscleveland.com
August 1, 200717 yr Crain's: Forest City adds military work 8:16 am, August 1, 2007 Forest City Enterprises Inc. (NYSE: FCEA, FCEB) said its Forest City Military Communities subsidiary is expanding its military housing program to 11,956 units under management as a result of additional 50-year public/private venture agreements with the U.S. military. In the Northwest, Forest City has agreed to acquire American Eagle Communities’ interest in 2,985 Navy housing units and ancillary facilities. The Navy’s Northwest Region encompasses multiple housing neighborhoods associated with three naval installations in the Puget Sound area of the state of Washington. Subject to Navy approval, Forest City will be responsible for demolition, renovation and construction of homes, representing approximately $169 million in development costs, as well as property management. More at crainscleveland.com http://www.crainscleveland.com
August 2, 200717 yr Forest City Acquires Interest in 12.7-Acre Site for Commercial Development in Las Vegas Cleveland - CLEVELAND -- Forest City Enterprises, Inc. (NYSE:FCEA)(NYSE:FCEB) today announced that it has acquired a 60 percent interest in a 12.7-acre site in downtown Las Vegas. Forest City acquired its 60 percent interest in the site from entrepreneurial real estate developer Livework LLC, which will hold the remaining 40 percent interest in the property. The total cost of the site is approximately $136 million. KeyBank National Association was the lead lender on the transaction. More at crainscleveland.com http://www.crainscleveland.com
August 2, 200717 yr Forest City Buys 11 Office Buildings in Suburban Richmond, Virginia Cleveland - CLEVELAND -- Forest City Enterprises, Inc. (NYSE:FCEA) (NYSE:FCEB) today announced that it has acquired 11 office buildings, totaling approximately 600,000 square feet, in Henrico County near Richmond, Virginia. The properties are 95 percent leased to a mix of high-quality local and regional tenants. Charles A. Ratner, president and chief executive officer of Forest City Enterprises, said, “Under our City Strategy, Forest City is able to enter core urban markets with strong demographics by introducing one property type and then penetrating the market with additional real estate projects. More at crainscleveland.com http://www.crainscleveland.com
August 8, 200717 yr Crain's: Forest City to build big Texas development By STAN BULLARD 2:44 pm, August 8, 2007 Forest City Enterprises Inc. (NYSE: FCEA) on Wednesday announced it has formed a joint venture with Chicago-based General Growth Properties to develop a 400-acre master-planned community southwest of Dallas. The proposed project will include shopping, residential, hotel and office uses at a site southwest of the Dallas North Tollway-US 380 interchange. More at crainscleveland.com http://www.crainscleveland.com
August 9, 200717 yr Station Square explores life without slots on 5-acre site Thursday, August 09, 2007 By Mark Belko, Pittsburgh Post-Gazette After losing its bid for Pittsburgh's lone slot machine casino, Station Square's owner is preparing to move on. Forest City Enterprises, which owns the South Side riverfront complex, is marketing for redevelopment the five-acre site that once housed the Chevrolet Amphitheatre. The company put up signs last week advertising it as a "development site." More at http://www.post-gazette.com/pg/07221/808065-336.stm
August 9, 200717 yr Weird how FC develops projects everywhere but in their hometown. Is Cleveland really not that profitable for them??
August 9, 200717 yr It's a conservative company that seems even more conservative than many stockholder-owned development firms. Consider that Scott Wolstein is developing Flats East Bank on his own, not as part of his stockholder-owned Developers Diversified Realty. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
August 9, 200717 yr As hard a time as I sometimes give Forest City, I don't think we should begrudge them being conservative or in steering investment toward cities where they think it would be more lucrative. They do, afterall, have a positive economic impact on the city of Cleveland, regardless of whether they lead projects here or not. But it does seem contrary that they would be considering a massive development in Pittsburgh and even more so that they would be doing an open analysis of the best use for the property. It seems like in Cleveland, they have sat on their downtown holdings, claiming that development would only be viable in conjunction with a convention center or a casino, while in the similarly sluggish economy of Pittsburgh, they are considering a far greater range of opportunities even when the casino opportunity didn't pan out. Granted, this could be a product of the fact that in Pittsburgh, they're redeveloping an existing holding, while in Cleveland, they're sitting on vacant parcels that don't depreciate in the same way if not cared for. I just can't imagine, though, that Pittsburgh's downtown market is markedly more robust than Cleveland's.
August 21, 200717 yr Cleveland Business News: Forest City Closes on Largest Construction Financing in Company History – $630 Million Loan for Ridge Hill Mixed-Use Project in Yonkers CLEVELAND -- Forest City Enterprises, Inc. (NYSE:FCEA)(NYSE:FCEB) today announced that its Forest City Ratner Companies subsidiary has closed on $630 million in construction financing for Ridge Hill regional lifestyle center in Yonkers, New York. The financing marks the largest single construction loan in Forest City’s history and will be provided by Bank of America, ING Real Estate Finance and Key Bank Real Estate Capital. “Ridge Hill will be a new town square in Westchester County, providing easy access and an alluring environment for the finest living and shopping in the area,” said Bruce Ratner, president and CEO of Forest City Ratner Companies. “Today’s announcement brings us one step closer to making Ridge Hill – and its estimated 9,500 jobs and $60 million annually in tax revenue – a reality for everyone.” More at http://cleveland.dbusinessnews.com/shownews.php?newsid=130448&type_news=latest
October 19, 200717 yr Crain's: Forest City closes on big loan for NY Times Bldg. 8:45 am, October 19, 2007 Forest City Enterprises Inc. (NYSE: FCEA, FCEB) said its New York-based subsidiary, Forest City Ratner Cos., has closed on a $640 million loan with HSH Nordbank AG to refinance the 1.5-million-square-foot New York Times Building. Forest City said the deal is the largest permanent loan in the company’s history. The New York Times Building is jointly owned by The New York Times Co. and Forest City Ratner. The announced refinancing relates to Forest City Ratner’s portion of the building. More at crainscleveland.com http://www.crainscleveland.com
October 21, 200717 yr sooo....does fcr sponsor museum shows and stuff in the cleve these days like they do for the brooklyn museum? http://www.brooklynmuseum.org/exhibitions/infinite_island/ just askin.... :whip: here's a couple renderings of ridge hill i found, its whatever bleh. 1st is from the westchester business journal: and here's another from that slate article about lifestyle malls someone posted a while back:
October 21, 200717 yr MRNYC, a reliable source has told me there is only "ONE" reason they are sponsoring various businesses, performing arts centers, community development districts and the MTA around downtown Brooklyn. There is no need to say why, because its just that OBVIOUS!
December 7, 200717 yr Crain's: Forest City posts mixed results 8:46 am, December 7, 2007 Forest City Enterprises Inc. (NYSE:FCEA, FCEB) has reported mixed results for its fiscal third quarter, which ended Oct. 31. The real estate giant said earnings before depreciation, amortization and deferred taxes for the latest third quarter were up nearly 20%, to $68.8 million, or 64 cents a share, from $57.4 million, for 56 cents a share, in the year-ago third quarter. Forest City CEO Charles Ratner said the increase was due to “the strong performance of our core operating portfolio and the recognition of an additional gain from the second-quarter sale of an under-construction, supported-living apartment community.” More at crainscleveland.com http://www.crainscleveland.com
December 8, 200717 yr MRNYC, a reliable source has told me there is only "ONE" reason they are sponsoring various businesses, performing arts centers, community development districts and the MTA around downtown Brooklyn. There is no need to say why, because its just that OBVIOUS! ^ heh heh, the elephant in the downtown brooklyn kitchen (he's referring to atlantic yards). :| here's a couple more recent fcr developments in old ny. first up is the gehry beekman tower in downtown manhattan. it will be in a pit behind pace university next to the brooklyn bridge: http://curbed.com/archives/2007/12/04/gehry_calls_in_the_crane_on_secret_beekman_tower.php and this one is the new renzo piano (nytimes building knockoff) city tech apt tower for downtown brooklyn. it will be at jay st and tillary --- no, it is not atlantic yards related: http://mcbrooklyn.blogspot.com/2007/12/you-compare-city-tech-old-model-to-city.html
January 22, 200817 yr Good stuff: A green streak grows through traditional Forest City Posted by Michelle Jarboe January 21, 2008 20:00PM The halls of Forest City Enterprises might be the last place you'd expect to hear executives discussing flush values. The giant real estate company, born here from an immigrant family in the 1920s, appears steeped in tradition. Its headquarters are nestled in of one of downtown's aging giants, a skyscraper dating back nearly 80 years. Control of the $10 billion enterprise still rests with the founding family. It's commonly known that Forest City is synonymous with major real estate development and massive projects such as the New York Times building in Manhattan and the mixed-use renovation of the former Stapleton International Airport in Denver, Colo. A lesser-known fact: The 800 or so employees at Forest City's downtown headquarters produce more than 1,100 pounds of trash daily. More than 50 percent of that could be recycled. Here's another one: Executives estimate that the company could save roughly $70,000 by turning off or hibernating computers and monitors across the country at the end of the workday and during low-use periods. More at cleveland.com http://www.cleveland.com
January 23, 200817 yr a couple more for ny: east harlem megamall http://curbed.com/archives/2007/12/11/newspaper_speaks_out_against_east_harlem_mega_mall.php 80 dekalb http://curbed.com/archives/2007/05/21/kondylis_ratner_on_dekalb_avenue.php
February 1, 200817 yr Station Square getting new nightclub, eatery, office tenants Friday, February 01, 2008 By Mark Belko, Pittsburgh Post-Gazette Changes are in the wind at Station Square, the South Side entertainment spot that will be adding a new nightclub, two new office tenants and another restaurant this year. The new nightclub will be called Zen and will be located in the Freight House Shops in space once occupied by the Palm Bar and Crawford Grill. It will be run by the owners of Privilege Ultralounge in the Strip District and is expected to open in the spring. More at http://www.post-gazette.com/pg/08032/853922-53.stm
March 7, 200817 yr not a bad week for fcr, according to this hater blog they just made $55m in public money for atlantic yards! Thursday, March 06, 2008 AY financing documents have been signed, city official confirms A city official has finally confirmed that both the city and state have "executed and registered" financing documents regarding Atlantic Yards, and $55 million of public funds has been distributed. The exact nature of the deals had been in question, as Atlantic Yards Ombudsman Forrest Taylor in early January indicated they haven't been signed. (It may be, however, that more financing documents remain to be signed.) Last week, after I reported that the developer last October had indicted the documents were "executed," Crain's New York Business reported that a source said they were still waiting for approval by the city and state comptrollers. http://atlanticyardsreport.blogspot.com/2008/03/ay-financing-documents-have-been-signed.html
March 21, 200817 yr Slow Economy Likely to Stall Atlantic Yards Chang W. Lee/The New York Times Some residents oppose the Atlantic Yards project over concerns that it will flood the area with new residents and heavy traffic. By CHARLES V. BAGLI Published: March 21, 2008 The slowing economy, weighed down by a widening credit crisis, is likely to delay the signature office tower and three residential buildings at the heart of the $4 billion Atlantic Yards project in Brooklyn, the developer said. “It may hold up the office building,” the developer, Bruce C. Ratner, said in a recent interview. “And the bond market may slow the pace of the residential buildings.” Mr. Ratner, chief executive of Forest City Ratner, did not specify the kinds of delays possible, but suggested that construction could be put off for years. His comments are his first public indication that the darkening economy has slowed the ambitious project, spanning 22 acres at the intersection of Flatbush and Atlantic Avenues. More at http://www.nytimes.com/2008/03/21/nyregion/21yards.html
March 21, 200817 yr :clap: :clap: :clap: :clap: :clap: :clap: Good! They already destroy the lovely South Oxford Tennis Club and put up those taky apartments
March 30, 200817 yr Forest City Closes on $680 Million Financing for Lower Manhattan Development Loan for Frank Gehry-Designed Beekman Project is Largest in Company History CLEVELAND--(BUSINESS WIRE)--Forest City Enterprises, Inc. (NYSE: FCEA)(NYSE: FCEB) today announced that a subsidiary of the Company has closed $680 million in financing for the mixed-use Beekman development in lower Manhattan. The financing is the largest construction loan in the Company’s history. Charles A. Ratner, president and chief executive officer of Forest City Enterprises, said, “We’re thrilled to be able to bring another great project to New York, one of our most important core markets. Beekman, which will be one of the tallest residential buildings in North America and Frank Gehry’s first major residential building, is an important milestone for our Company and for lower Manhattan. “This announcement brings to a total of more than $1 billion the project financings Forest City has completed within just the past 60 days. It is gratifying in this economic climate to have leading financial institutions show that level of confidence in our Company and our projects. It’s a reflection of our track record and the trust-based relationships built over the course of years with lenders, as well as a testament to the hard work of our people across the Company, including our entire team in New York.” More at http://www.businesswire.com/portal/site/google/?ndmViewId=news_view&newsId=20080328005586&newsLang=en
March 31, 200817 yr ^ yeah i saw that one. *** note how fcr not only develops apt buildings for other cities, but freakin public schools for them too!
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