April 5, 200817 yr some people weren't to happy the other day with the brooklyn museum hosting an event honoring a ratner :laugh: http://kingstonlounge.blogspot.com/2008/04/brooklyn-museum-ratner-protest-card-i.html http://curbed.com/archives/2008/04/04/just_another_fun_night_in_brooklyn.php#reader_comments
June 7, 200817 yr Forest City's loss widens in first quarter Posted by Michelle Jarboe June 06, 2008 19:17PM Categories: Breaking News, Real estate A dropped property deal and continued losses on the New Jersey Nets basketball teamed dragged down Forest City Enterprises during the first quarter. http://blog.cleveland.com/business/2008/06/forest_citys_losses_widen_in_f.html
July 21, 200816 yr Forest City revamps proposal for riverfront convention center Posted by Sarah Hollander July 21, 2008 13:57PM A redesigned riverfront convention center could shave up to $100 million from the cost and keep it in the running for the project, according to Forest City. The company decided to rethink the building's design after realizing that updated estimates would push the price past half a billion dollars, said David LaRue, chief operating officer of Forest City Commercial Group. The new proposal still won't meet the county's $400 million cap, he said, but will keep it within the ballpark. He wouldn't put an exact figure on the new estimate. More at http://blog.cleveland.com/metro/2008/07/forest_city_revamps_proposal_f.html#more
August 20, 200816 yr New Lenox mega-mall plan in trouble August 20, 2008 Crain's Chicago Business is reporting that the Forest City mega-mall proposed for New Lenox is in jeopardy after the developer let its option to buy the 186-acre site expire. According to Crain's, the decision by Cleveland-based Forest City Enterprises Inc. could be the end of the proposed 1.1-million-square-foot shopping center, called Birches of New Lenox, which has struggled to attract tenants and recently lost a prospective department store to another planned mall in Joliet. Jerry Ferstman, a Forest City vice-president, confirms that the company let the option expire and has walked away from the deal. "The economic environment has had a significant impact on everyone in the business," he says. http://www.suburbanchicagonews.com/heraldnews/business/1117090,jo20_forest_web.article
August 20, 200816 yr FarmShare Ohio delivers fresh produce to Cleveland office workers downtown Wednesday, August 20, 2008 Michelle Jarboe Plain Dealer Reporter A mammoth real estate company and a shoe string start-up business have formed a partnership on common ground: The soil of Ohio's farms. The giant here is Forest City Enterprises, the $10 billion powerhouse that runs its real estate empire from headquarters in Cleveland's Terminal Tower. The little guy is FarmShare Ohio, a new company whose trappings are a stack of canvas sacks, big plastic bins and the family truck. Together, the businesses are testing a program to bring fresh, local food from the farm to the office. Once a week through October, about 75 Forest City employees will pop down to the first floor of Tower City to grab a tote bag overflowing with anything from sweet corn to heirloom tomatoes, squash, herbs and fresh-baked bread. More at cleveland.com http://www.cleveland.com
August 29, 200816 yr Gold-based lease could cause million-dollar rent hike for Forest City Enterprises Posted by Michelle Jarboe August 28, 2008 20:57PM Categories: Impact Plain Dealer file Forest City Enterprises, the majority owner of the Halle Building on Euclid Avenue, could see its rent rise by more than a million dollars. A piece of downtown land isn't worth its weight in gold -- but it is worth 1,693.28 ounces, the amount set in a gold-based lease signed 96 years ago. That's what a three-judge panel in Cincinnati indicated Wednesday, in a ruling that could lead to a million-dollar rent hike for Forest City Enterprises of Cleveland. Since 1982, the real estate giant has leased land beneath part of the Halle Building, a former Euclid Avenue department store of which Forest City is the majority owner. The ground-lease continues a contract signed in 1912, when the Halle brothers inked a 99-year deal to rent the property and expand their store on top of it. More at http://blog.cleveland.com/business/2008/08/goldbased_lease_could_cause_mi.html
September 6, 200816 yr Mayor, residents picket against owners of Shoreway By ANTHONY RIOS [email protected] Published: Saturday, September 6, 2008 2:13 AM EDT SHEFFIELD LAKE — About 30 residents from Sheffield Lake, along with Mayor John Piskura, picketed at Public Square in Cleveland yesterday against Forest City Enterprise Inc. and the Levin Trust, owners of the Shoreway Shopping Center. According to the mayor, the two-hour protest was another effort to shine a light on the poor conditions at the shopping center... Post edited 9-4-09 to comply with terms of use http://morningjournal.com/articles/2008/09/06/news/doc48c1f46c1de03124111708.txt
September 8, 200816 yr I saw these guys protesting and was wondering why they chose to come all the way to Public Square instead of doing it in Sheffield Lake. They had the worst protest signs ever. Their lettering was about the size of this text.
September 8, 200816 yr I saw these guys protesting and was wondering why they chose to come all the way to Public Square instead of doing it in Sheffield Lake. They had the worst protest signs ever. Their lettering was about the size of this text. LMAO!!!!
September 8, 200816 yr I saw these guys protesting and was wondering why they chose to come all the way to Public Square instead of doing it in Sheffield Lake. They had the worst protest signs ever. Their lettering was about the size of this text. Oh they're protesting at the shopping center too, but the owners are in Cleveland and Virginia, so how much good does that do? They blame the Ratners and Levins for neglecting the center to the point where the only stores left are a Rite Aid and a Chase Bank, with Giant Eagle set to close in November. The next plan is to protest at CSU's Levin building (like there are any Levins inside??? The Levin Trust is based in McLean, VA) :wtf:
September 13, 200816 yr Apparently picketing works: "Hello Everyone, Good News!! I'm pleased to report that after a lengthy and difficult negotiations, our city has reached a deal for the purchase of the Shoreway Shopping Center. Jim Ratner and his family very generously decided to gift their entire ownership interest to the city. The Ratner donation brought the "bottom line" purchase price to 2.8 million. We have a signed an offer and acceptance which stipulates that the finer details of the purchase will be worked out in a formal purchase agreement by October 1st, with a property transfer date of November 15th. There will be a special Council meeting next Tuesday, September 16th for further discussion of the purchase. Representatives at Giant Eagle corporate offices had indicated in the past that they would be willing to have further discussions about the scheduled closing, should the city acquire the property. In that vein, I have contacted Giant Eagle in an attempt to re-open discussions. Once we have possession of the property, it is my intention to keep all existing tenants, but relocate any, as may be necessary, in order to begin immediate demolition of the nuisance buildings, and southern portion of the strip. Once the critical nuisances are abated, we will then begin community consensus town meetings to talk about what the community would like to see happen to the property. In the meantime, RMS Management has agreed to stay on to help us properly manage the center during the transition period. Thank you to everyone who worked on or attended the rallies and protests. Thank you to City Council and the members of the Administration who have been working so hard, and long hours on this issue. Thank you to the media for telling our story. Thank you to everyone else for your support on the issue, and your kind words of encouragement. - Have a great weekend! John Mayor John Piskura 609 Harris Road Sheffield Lake, Ohio 44054
September 14, 200816 yr I saw these guys protesting and was wondering why they chose to come all the way to Public Square instead of doing it in Sheffield Lake. They had the worst protest signs ever. Their lettering was about the size of this text. LMAO!!!! :whip: why? because forest city hq is there. all the way? a suburban town around 20 miles away hardly qualifies as all the way. and while you guys can mock (and yet wonder why regional cooperation lags!!) the last laugh is that it looks like the public outcry paid off: "Jim Ratner and his family very generously decided to gift their entire ownership interest to the city."
September 14, 200816 yr From here to my refrigerator qualifies as "all the way" if I so choose to term it. The trip to Public Square (may I call it a trip, sir?) makes sense though, now that I know that FCE is a part owner. And good for them that FCE gifted their portion of the ownership to Sheffield Lake. I hope Sheffield Lake is able to find the resources to make this into a successful redevelopment project, or a developer that is committed to doing so.
September 14, 200816 yr ha. never mind, i remembered you have idiosyncratic issues with what constitutes local suburbia. :wink: but regardless the public square demonstration made perfect sense to me as the forest city hq is in tc. yeah who knows what sheffield lake will do with the property, but certainly no less than what has been done with it, which is nothing. at least now there is opportunity, where with the ratners just sitting on the property for eons we saw there was no hope at all.
September 14, 200816 yr What constitutes "long distance" is one of those non-debatable opinions (ie: what is art). Thus those who question others with a different, non-debatable opinion are the ones with idiosyncratic issues. But I'm sure you'll try to have the last word on this, as you always attempt to do. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
September 17, 200816 yr What constitutes "long distance" is one of those non-debatable opinions (ie: what is art). Thus those who question others with a different, non-debatable opinion are the ones with idiosyncratic issues. But I'm sure you'll try to have the last word on this, as you always attempt to do. no, those are your opinions and regardless you are not in control of what is open to debate. and there we have some of your idosyncracies.
September 24, 200816 yr Northeast Ohio Regional Sewer District land deal questioned Posted by Michael O'Malley/Plain Dealer Reporter September 23, 2008 21:11PM BRATENAHL -- The agency overseeing the region's sewer system paid more than $1.5 million last year for 27 undeveloped acres that Cuyahoga County had valued a year earlier at $286,000. Trustees for the Northeast Ohio Regional Sewer District unanimously approved the deal without seeing any final plans for the land, which south of the Memorial Shoreway and contaminated with low levels of arsenic and other toxins. More at cleveland.com http://www.cleveland.com
September 25, 200816 yr Forest City Enterprises secures $250M in financing 8:51 am, September 24, 2008 Forest City Enterprises Inc. (NYSE: FCEA, FCEB) has secured $250 million in construction financing for the initial phase of its Waterfront Station project in Washington, D.C. Waterfront Station, on M Street SW at 4th Street, is a planned, mixed-use redevelopment that will include office, residential and retail components. The site is adjacent to the Waterfront/Southeastern University MetroRail station. More at http://www.crainscleveland.com/article/20080924/FREE/809249970/1022
November 5, 200816 yr Forest City announces layoffs, won't say how many Posted by ssamavat November 05, 2008 16:22PM Cleveland-based real estate developer Forest City Enterprises Inc. said Wednesday that it has notified employees of an undisclosed number of layoffs. Spokesman Jeff Linton said it's a small percentage of the company's work force of 3,200, which includes about 800 employees in Northeast Ohio. Linton would not provide details about which or how many workers are affected, but he confirmed that some are local. The company also has offices across the country. "Obviously, economic conditions and market conditions are telling us that what we need to do is reduce expenses and cut our overhead costs," Linton said. "Forest City has been around for 80 years and we understand that real estate is a cyclical. In the down cycle you sometimes have to make very difficult choices, and those choices include layoffs." More at http://blog.cleveland.com/business/2008/11/forest_city_announces_layoffs.html
December 10, 200816 yr i saw this today on curbed blog: Quotations from Chairman Bruce Wednesday, December 10, 2008, by Robert On this, the fifth birthday of the Atlantic Yards announcement, Forest City Enterprises had a conference call about its finances today and there are many, many, many quotes from Bruce Ratner about money and Atlantic Yards. First, there was a statement that the market would determine when the project would actually be finished from Mr. Ratner's cousin, who is actually the corporate CEO. AYR reports the tone as "very somber, as Ratner declared that, though he'd seen many challenging times in 42 years of business, 'I must confess, I’ve never seen anything quite like this. We believe conditions will worsen.'" Company stock was down by mid-afternoon. Asked what "could happen" with Atlantic Yards, Mr. Ratner said: "There’s lots of ‘coulds,’ OK?"..."There’s lots of things that could happen. We’ve been here before, right? We’re here with Brooklyn, 25 years ago, at MetroTech...That doesn’t mean everything works out, you saw our project write-offs are up." There is of course more. Mr. Ratner also said: He also said, "We’re very committed to this project, we believe very strongly in the market, which continues to be good. The apartment market, the rental market, in Brooklyn, for that matter in Manhattan, continues to be strong. Yeah, there’s going to be more hurt and it’s going to go down before it goes up. But we remain very committed to this markets and these products, longer term." And also: "Specifically to Atlantic Yards, there were some articles in the newspaper, you probably saw them, that we’ve stopped work. We stopped work because the work we were doing came to an end. We did what we were supposed to do on the demolition and the railyards. Until we get our lawsuits resolved and some of the hurdles overcome, we appropriately stopped what we were doing." And, then he said he's still committed to the project: "We remain committed to this and when we get--and we believe we will--successfully through the last of the litigation in 2009, we’ll evaluate the market at the time and see what our next steps are. But at this point in time...we don’t see any, uh—we don’t see any, uh, any potential impairment or any issue with our continuing to develop this property. It will take longer than we thought it was going to take, as it already has." Like we said this morning, the Brooklyn Nets were supposed to be playing ball two years ago. · Chuck Ratner Repudiates Cousin Bruce's 2018 Pledge [AYR] · FCR: Lots of Things Could Happen at Atlantic Yards [brownstoner] http://curbed.com/archives/2008/12/10/quotations_from_chairman_bruce.php#more
December 17, 200816 yr psst! yo vinny, atlantic yards is ovah, your miss brooklyn turned into a runaway bride :laugh: Gehry Lays Off Atlantic Yards Staff, Finances Suck Even More Wednesday, December 17, 2008, by Robert The news about Atlantic Yards keeps coming and none of it--not a single, solitary shred of it--is good. Today's Wall Street Journal brings news that Frank Gehry has laid off more than two dozen architects working on the project per orders from developer Forest City Ratner. As if that wasn't enough to cause supporters of the project spit up their morning Cup 'o Joe, there's more. Today's Observer wonders "How Long Until the Project Collapses?" Now, why would someone wonder about that? Uh, money. There's the little issue of the even bigger public subsidies that will be required to keep the project from aspirating on its own financial vomit. Then, there's a loan that's coming due in February. That $153 billion loan from Gramercy Capital has accrued to $177 million. It's due in early February and the developer is trying to extend the loan. It's the Observer that really goes to town on the teetering finances of the project, if not the entire development firm. Let's go to the copy and past for the game highlights: According to multiple people familiar with discussions, his subsidiary company, Forest City Ratner, is attempting to cobble together extra money; trying to speed up tens of millions of dollars it is owed by public entities; delay tens of millions in payments it owes to both the public and private sectors; and tack on new subsidy programs for the housing piece of the project...At a glance, Atlantic Yards would certainly seem a prime candidate for collapse. The project had an unusually low margin of return back in 2006—according to state and Forest City figures from the time, at the height of the real estate boom—as Mr. Ratner slathered on promises and concessions in an attempt to win political support. Since, several key assumptions changed in Mr. Ratner’s disfavor, surely challenging the project’s financials. For now...the question becomes how long the developer can keep doling money out without seeing any come back in. Forest City is awaiting what is likely the last major court challenge to the use of eminent domain, with a decision expected in the first half of 2009. But even if that concludes in its favor, as many legal experts expect it will, the developer may very well have an additional wait ahead of it. At this point it is unclear—many would say unlikely—that in six months to a year, investors would be willing to provide the nearly $1 billion in bonds needed for an arena or other financing for high-rise residential developments. All the while, the company is signing checks. Bruce Ratner bought the Nets in 2004 for the purpose of moving them to a new arena at Atlantic Yards. For now, paying rent in someone else’s arena, Forest City reported losses of more than $30 million on the Nets in the first nine months of 2008. Yet two more entries in the loooooooooong Atlantic Yards Timeline of Despair. · Gehry Lays Off Staff [WSJ] ·: Atlantic Yards Becomes a Question Mark [NYO] http://curbed.com/archives/2008/12/17/gehry_lays_off_atlantic_yards_staff_finances_suck_even_more.php#more
December 17, 200816 yr See Karma is a Bitch (And i don't mean MayDay)! FC should have built a "epic" project here in Cleveland where they are wanted and needed. The grass isn't so green in brooklyn!
February 9, 200916 yr Here's an interesting article from the Las Vegas Sun re: Forest City's City Hall project out there, and more generally their overall business practices. It's a really interesting read, and it's fair to say that we're not the only ones who notice FCE's rather strong-armed manner in which they go about their business. It sounds like Forest City is about to have a very busy week, from the Med Mart to the Vegas Strip! Complicated deal, powerful partner Forest City Enterprises is accomplished, but hit by torrent of bad news The elaborate deal for a new city hall, rendered above, between Las Vegas and Forest City includes a land swap and a construction project to be named later. By Sam Skolnik Sat, Feb 7, 2009 (2 a.m.) At a City Council meeting last year, several councilmen went out of their way to praise Forest City Enterprises, the primary developer in the deal to build a new Las Vegas city hall. The vaunted Cleveland-based company, with massive development projects in the works from Brooklyn to Albuquerque, is known to be progressive-minded, they boasted, shepherding projects that support job creation, environmental sustainability and affordable housing. “We’re betting on the right horse,” said one councilman, as a beaming Mayor Oscar Goodman looked on. More at http://www.lasvegassun.com/news/2009/feb/07/complicated-deal-powerful-partner/
March 24, 200916 yr With all the money FC has spent on the legal side of this project, they could have invested on several project right here at home! But nooooooooooooooooooooo, Cleveland is not worth their time. The shaky state of affairs for a proposed pro basketball arena in Brooklyn is turning heads across the Hudson. Despite developer and New Jersey Nets owner Bruce Ratner’s plans to move the Garden State’s only NBA team to New York City as part of his Atlantic Yards mega-development project, New Jersey electeds have generally refrained from publicly disparaging the plans, at least in the past couple years. But now, with the more than $4 billion project on death watch due to the economy and a lengthy legal battle, there seems to be a change in tune. Today, U.S. Rep. Bill Pascrell publicly released a letter he wrote to Treasury Secretary Tim Geithner, requesting that the Obama administration act to block Barclays bank from leasing naming rights for the arena—a move that, if realized, would be a major blow to the project. That comes after Newark Mayor Cory Booker earlier this month told The Times of his efforts to bring the Nets to his city’s Prudential Center arena, after staying relatively quiet on the subject, at least in public. (Last year, it was reported that Mr. Booker was trying to round up investors to buy the team.) Should plans for the project ever collapse—and to date, Mr. Ratner has proved to have notable stamina in his attempt to keep it alive—a relocation to downtown Newark would be an obvious improvement for the Nets, who currently play in the aging Izod Center. Mr. Pascrell, a Democrat who represents an area full of New Jersey Nets fans just west of the Izod, wrote to Mr. Geithner that he should block the naming rights deal, which has not yet closed, because Barclays received monies from embattled insurance company AIG, which itself received tens of billions in federal bailout dollars. In taking up this cause, he picks up an indirect connection to the bailout that was pushed by project opponents but failed to attract much attention among New York elected officials. “Federal money was made available to banks and companies like AIG in order to stabilize the financial system and free up credit markets, not for high priced marketing opportunities,” he wrote. Update: 5:43 p.m. Here's a statement from Nets CEO Brett Yormark: "Barclays has made a long-term commitment to Brooklyn and the Atlantic Yards development and in a very difficult economic environment has renewed that commitment," said Brett Yormark, CEO of the Nets. "Congressman Pascrell has long expressed his support for working families and one would hope that applies to the men and women of Brooklyn who will benefit from the much needed boost to the borough's economy, the thousands of new jobs and the affordable housing that will be part of the Atlantic Yards project. I can understand the Congressman's interest in keeping the Nets in New Jersey but I do not think he understands fully what this project means in terms of jobs and housing and the benefits for the entire region." http://www.observer.com/2009/real-estate/jersey-pol-takes-swipe-bruce-ratners-arena-deal#
March 24, 200916 yr booker is gonna get his nets. just watch. one thing he aint gonna get is lebron. but neither are the sucky knicks.
March 24, 200916 yr Los Vegas Mayor Oscar Goodman is a attorney who has represented many organized crime figures. There is no crime in that, just saying he knows how the game is played. "I figured out, standing on that corner, that the advantages in life must go to the people who understand the rules of the game and who are in a position to manipulate them," Fred Nance from a PeeDee article
April 2, 200916 yr eh. 04/01/09 at 01:05PM Ratner buys first AY property in two years By Gabby Warshawer Forest City Ratner recently purchased a property in the Atlantic Yards footprint, the company's sole acquisition of property on the site of the delay-ridden Brooklyn project in more than two years. The developer closed on 467 Dean Street -- the 10,000-square-foot New York City headquarters of the United Union of Roofers, Waterproofers and Allied Workers -- on March 20, according to public records. Ratner paid roughly $3 million for the building and went into contract for the property in mid-September 2008. The developer last purchased property in the Atlantic Yards footprint in February 2007, according to city records made public last week. Although Ratner has bought up and demolished many of the properties in the Atlantic Yards footprint, a number of others are still in private hands, including those of nine property owners and tenants who are challenging the developer's intent to take control of them via eminent domain. Ratner spokesperson Joe Deplasco declined to comment on the implications of the company's purchase of 467 Dean Street aside from confirming that the transaction had indeed taken place. Deplasco also would not say whether the union would be asked to vacate the building. Union representatives did not return calls for comment. Daniel Goldstein, spokesperson for the community activist group Develop Don't Destroy Brooklyn, said that the 467 Dean Street sale is emblematic of the "bad faith" in which the company's chairman and CEO, Bruce Ratner, has approached the development of Atlantic Yards. "[bruce] Ratner's purchase of 467 Dean, like all of his other acquisitions, has been done under the threat of eminent domain," said Goldstein. "It is wrong and in bad faith. And to top it off, city taxpayers are reimbursing the developer for his ill-gotten property." Atlantic Yards is supposed to span 22 acres and include an arena for the Nets, commercial space, thousands of market-rate and affordable housing units, and a considerable amount of open space, but the project is far behind schedule, and its future is increasingly murky. Last week, for example, an article in the Architect's Newspaper quoted the project's lead architect, Frank Gehry, as saying "I don't think it's going to happen," with reference to Atlantic Yards. Gehry later backpedaled him comment, saying it was "being misconstrued as a prediction of the future of the Atlantic Yards development," and the developer issued a statement claiming that the architect "was just venting," according to a story in the Daily News. The project, originally slated for completion in 2006, has been stalled by numerous lawsuits; its plans have been scaled back; and Ratner has been in talks with the Metropolitan Transportation Authority to restructure its $100 million payment for the Vanderbilt Railyards, which make up 8.5 acres of the Atlantic Yards site. In a Forest City Enterprises conference call with investors yesterday, however, Ratner President Joanne Minieri said: "once this litigation is resolved, this project is ready to go. We've worked diligently and actively on being prepared to proceed with Atlantic Yards. We believe with respect to the arena there's an opportunity in today's market to finance it," according to watchdog blog Atlantic Yards Report. There is currently one active lawsuit against the project, challenging its use of eminent domain. In addition, Atlantic Yards opponents filed a motion on Monday to appeal an earlier ruling against a challenge to the Empire State Development Corporation's Environmental Impact Statement and Blight Study for Atlantic Yards. Goldstein of Develop Don't Destroy Brooklyn said the purchase of 467 Dean underscored Develop Don't Destroy's belief that the developer is intent on controlling all the land in the Atlantic Yards footprint, despite the project's uncertain future. "While Ratner struggles against litigation and the world economic crisis -- making it impossible to build what he's promised to build -- this sale makes it plainly obvious that Forest City Ratner's true goal is to control 22 valuable acres in the heart of Brooklyn with taxpayer assistance and the misuse of the state's eminent domain powers," he said. "If Forest City Ratner controls those 22 acres, it will not benefit anybody but Ratner, and that is what we are fighting against." http://ny.therealdeal.com/articles/ratner-buys-first-ay-property-in-two-years
April 2, 200916 yr FCE also bought a mall in Denver. A mall Yes, a mall It's a Lifestyle center! You sure they BOUGHT a mall? I think I read recently that they would be taking over management of a mall in Denver.
April 2, 200916 yr FCE also bought a mall in Denver. A mall Yes, a mall It's a Lifestyle center! You sure they BOUGHT a mall? I think I read recently that they would be taking over management of a mall in Denver. You're correct, my bad. I should have said taken over management of a mall. But that "mall" is a lifestyle center!
April 2, 200916 yr Mr. Citation Nazi, While we are happy you post, let me make a recommendation. PROVIDE A BLOODY LINK!!!!! :laugh:
April 2, 200916 yr Haha. I was about to extract all of your "citation demands" on other people, but then realized UO is controlling my day.
April 2, 200916 yr Haha. I was about to extract all of your "citation demands" on other people, but then realized UO is controlling my day. Here. All you had to do is look at their damn website! As my father would say, "Boy, don't do as I say...do as I say! Damnit!" Forest City Selected for Third-Party Management of Denver Retail Center CLEVELAND, April 1 /PRNewswire-FirstCall/ -- Forest City Enterprises, Inc. (NYSE: FCEA and FCEB) today announced that a subsidiary of the Company has been selected by BlackRock, Inc. to assume retail management and leasing duties at the Southlands mixed-use lifestyle center in southeast Denver, Colo. "We are honored to have been selected for this opportunity, which reflects our recognized strength in retail management," said Charles A. Ratner, president and chief executive officer, Forest City Enterprises, Inc. "In the challenging national retail environment, we have been approached by a number of owners to bring our experience and skill set to bear in a variety of situations. We will actively consider similar opportunities where our expertise can provide added value to the owners and to Forest City, particularly in markets where we already have an established presence." Southlands is a premier mixed-use lifestyle center offering more than 150 retailers, restaurants and second-floor office suites. As the largest retail destination in Colorado, the center features a four-block, main street-style layout with 1.7 million square feet of retail space and a community plaza. It is owned by an investment client managed by BlackRock, Inc. "We chose Forest City because of their significant presence and existing infrastructure in the Denver area, along with their expertise, experience and reputation for managing similar premier retail centers throughout the country," said Michael Krier, director, BlackRock, Inc. "We are proud to partner with Forest City to serve the Denver community." Denver is one of Forest City's core markets. The Company owns and manages two lifestyle retail centers in the area, The Shops at Northfield Stapleton in Denver and The Orchard Town Center in nearby Westminster, Colo. Forest City is also the master developer of Stapleton, a 4,700-acre, one-of-a-kind mixed-use community at the site of the former Stapleton International Airport in Denver, and is developing the Colorado Science + Technology Park at Fitzsimons in Denver. About BlackRock BlackRock is one of the world's largest publicly traded investment management firms. At December 31, 2008, BlackRock's assets under management were $1.307 trillion. The firm manages assets on behalf of institutions and individuals worldwide through a variety of equity, fixed income, cash management and alternative investment products. In addition, a growing number of institutional investors use BlackRock Solutions® investment system, risk management and financial advisory services. The firm is headquartered in New York City and has employees in 22 countries throughout the U.S., Europe and Asia Pacific. For additional information, please visit the firm's website at www.blackrock.com. About Forest City Forest City Enterprises, Inc. is an $11.4 billion, NYSE-listed national real estate company. The company is principally engaged in the ownership, development, management and acquisition of commercial and residential real estate and land throughout the United States. For more information, visit www.forestcity.net. Safe Harbor Language Statements made in this news release that state the Company's or management's intentions, hopes, beliefs, expectations or predictions of the future are forward-looking statements. The Company's actual results could differ materially from those expressed or implied in such forward-looking statements due to various risks, uncertainties and other factors. Risks and factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, the impact of current market conditions on our liquidity, ability to finance or refinance projects and repay our debt, general real estate investment and development risks, vacancies in our properties, further downturns in the housing market, competition, illiquidity of real estate investments, bankruptcy or defaults of tenants, anchor store consolidations or closings, international activities, the impact of terrorist acts, risks associated with an investment in a professional sports team, our substantial debt leverage and the ability to obtain and service debt, the impact of restrictions imposed by our credit facility and senior debt, exposure to hedging agreements, the level and volatility of interest rates, the continued availability of tax-exempt government financing, the impact of credit rating downgrades, effects of uninsured or underinsured losses, environmental liabilities, conflicts of interest, risks associated with developing and managing properties in partnership with others, the ability to maintain effective internal controls, compliance with governmental regulations, volatility in the market price of our publicly traded securities, litigation risks, as well as other risks listed from time to time in the Company's SEC filings, including but not limited to, the Company's annual and quarterly reports. SOURCE Forest City Enterprises, Inc. CONTACT: Robert O'Brien, Executive Vice President - Chief Financial Officer, or Tom Kmiecik, Assistant Treasurer, or Jeff Linton, Vice President - Corporate Communication, +1-216-621-6060, all of Forest City Enterprises, http://ir.forestcity.net/phoenix.zhtml?c=88464&p=IROL-NRText&t=Regular&id=1272326&
April 21, 200916 yr What the boss makes: Forest City Enterprises Inc. Posted by kkroll April 21, 2009 12:22PM This regular feature tracks 2008 executive compensation at publicly traded companies in Northeast Ohio. Forest City Enterprises Inc. Headquarters: 1100 Terminal Tower, 50 Public Square, Cleveland Business: Forest City, which had approximately $11.4 billion in assets as of Jan. 31, owns, develops and manages real estate. President and Chief Executive Officer Charles Ratner $874,724 Change from previous year: -75 Percent Charles Ratner and some other Forest City executives saw their compensation fall last year, as the company failed to meet performance objectives required for payouts under various incentive plans. Major real estate companies suffered severe blows to their stock prices last year as the financial crisis spread. More at http://www.cleveland.com/business/index.ssf/2009/04/what_the_boss_makes_forest_cit.html
April 21, 200916 yr I had no idea it was this bad. I am sending them my extra jar of gray poupon. Thats all you have to say? I specifically posted this with you in mind. I was anticipating much more from you and you let me down.
April 21, 200916 yr Morning Star has them listed as junk. 7.50/ share. Too many government contracts to for them to fold. They are tough. I admire them in many ways. They know how to work it. I wouldn't mind whoring for Sam under different circumstances, but I have to draw a line somewhere:(. I'm a one trick pony.
May 18, 200916 yr ay is back in play....or so they say.... Ruling could put Ratner's Atlantic Yards project back on track BY Jotham Sederstrom DAILY NEWS STAFF WRITER Saturday, May 16th 2009, 4:00 AM Artists rendering of aerial view of Bruce Ratner's proposed Atlantic yards development. Developer Bruce Ratner scored a major victory Friday in his plan to build a Nets basketball arena in Brooklyn. Ratner vowed to break ground this summer on the massive Atlantic Yards development, which also includes residential towers. "We're very, very happy," Ratner told the Daily News Friday, hours after the court victory. "This is really the last hurdle that we have and now we can do what our company does best and build an arena and houses." More at: http://www.nydailynews.com/ny_local/brooklyn/2009/05/16/2009-05-16_ruling_could_put_ratners_atlantic_yards_projects_back_on_track.html#ixzz0FtXFXoFg&B
May 19, 200916 yr A panel of four New York appellate judges ruled that Forest City Ratner's use of eminent domain to take private property to build a new home for the Nets does not violate the state Constitution. How can a private company have the power of eminent domain? This is either bad journalism or a flat out mistake.
May 21, 200916 yr forest city and curbed blog keep it kinky in brooklyn :-o :roll: Attack of the 500 Foot Woman at Ratner's 80 DeKalb Thursday, May 21, 2009, by Joey A Curbed Photo Pool contributor sure picked an interesting way to update us on the rise of the 34-story 80 DeKalb Avenue rental tower on the Downtown Brooklyn/Fort Greene border. According to Brownstoner, developer Forest City Ratner is actually having a topping-out event at the site today—if there's anything left. RUN!!!!! · 80 DeKalb LOLdings [John Prolly/Flickr] · Construction Watch: 'Forgotten Ratner' Shows Its Face [Curbed] http://curbed.com/archives/2009/05/21/attack_of_the_500_foot_woman_at_ratners_80_dekalb.php
June 25, 200915 yr they have to raise $500m+ to get it going again: Atlantic Yards Project Enters a Crucial Period By CHARLES V. BAGLI Published: June 24, 2009 Armed with a set of concessions wrung from state officials this week for his Atlantic Yards development in Brooklyn, the developer Bruce C. Ratner faces what may be his most daunting challenge. He is trying to raise more than $500 million over the next four months to build the $4.9 billion project’s centerpiece: the most expensive basketball arena in the country. more: http://www.nytimes.com/2009/06/25/nyregion/25yards.html?_r=2&partner=rss&emc=rss
July 30, 200915 yr Atlantic Yards: A Crash Course Katherine Mella, Next American City When Developer Bruce Ratner of Forest City Ratner Companies announced the fanciful vision of a sports stadium in Brooklyn surrounded by world-class architecture designed by Frank Gehry, little did he know he was about to head one of the most controversial development projects in the history of New York. In addition to the stadium, the master plan of the project, in an area known as Atlantic Yards, showed a mixture of commercial, retail, and housing units, as well as green space. The original price of the project, slated for a 2006 completion, was $2.5 billion and included 8 million square feet and 22 acres of development. By the time the Public Authorities Control Board finally approved it in December of 2006, the cost had doubled to $4 billion, partly due to rising costs associated with Gehry’s designs ... ... For more information, please visit http://americancity.org/daily/entry/1724/
July 30, 200915 yr ^ for reference here's the rendering of the crappy new nets 'shed' that ratner now wants to throw up on brooklyn: and here's a shot of the downtown brooklyn atlantic yards neighborhood:
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