Author Topic: Cleveland: Forest City Enterprises News & Info (Read 27028 times)

Oldmanladyluck · « **on:** November 27, 2005, 07:55:34 AM »

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:

cmontgomery@plaind.com, 216-999-4059

© 2005 The Plain Dealer
© 2005 cleveland.com All Rights Reserved.

KJP · « **Reply #1 on:** November 27, 2005, 11:24:25 AM »

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.

mrnyc · « **Reply #2 on:** November 27, 2005, 11:42:27 AM »

^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.

CleveChiNola · « **Reply #3 on:** November 27, 2005, 12:16:15 PM »

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

)

3231 · « **Reply #4 on:** November 27, 2005, 12:36:43 PM »

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.

Oldmanladyluck · « **Reply #5 on:** November 29, 2005, 08:41:55 AM »

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

mrnyc · « **Reply #6 on:** December 01, 2005, 10:14:44 AM »

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!

3231 · « **Reply #7 on:** December 01, 2005, 10:45:21 AM »

^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.

blinker12 · « **Reply #8 on:** December 01, 2005, 01:27:01 PM »

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!

WoollyBear · « **Reply #9 on:** December 01, 2005, 05:08:23 PM »

^
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.

KJP · « **Reply #10 on:** July 01, 2006, 09:11:19 PM »

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.

..........

mrnyc · « **Reply #11 on:** March 19, 2007, 06:26:18 PM »

.......sorry but it's in dc

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/

musky · « **Reply #12 on:** March 30, 2007, 09:31:45 AM »

Crain's:

Quote

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

From Heights to Harlem · « **Reply #13 on:** March 31, 2007, 01:04:49 PM »

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......

MayDay · « **Reply #14 on:** April 02, 2007, 04:19:04 PM »

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*

CleveChiNola · « **Reply #15 on:** April 03, 2007, 03:21:53 AM »

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

musky · « **Reply #16 on:** April 03, 2007, 09:00:18 AM »

^You can either blame it on my avatar or for posting at 3:30 am... but not both

StrapHanger · « **Reply #17 on:** April 03, 2007, 09:41:08 AM »

^^^ 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?

MayDay · « **Reply #18 on:** April 03, 2007, 10:31:01 AM »

This isn't a criticism of them building more - it's a criticism of not finishing Tower City Center in the first place.

Mov2Ohio · « **Reply #19 on:** April 03, 2007, 11:40:04 AM »

Can someone point out to me what's missing, other than the landscaped bank of the Cuyahoga?

MayDay · « **Reply #20 on:** April 03, 2007, 12:13:13 PM »

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:

MayDay · « **Reply #21 on:** April 03, 2007, 02:12:30 PM »

Thanks to cooperative weather, here are more pics:

MyTwoSense · « **Reply #22 on:** April 03, 2007, 02:38:53 PM »

looks like this building has been washed since I worked in it.

Mov2Ohio · « **Reply #23 on:** April 04, 2007, 10:42:07 AM »

Thanks for the pics and clarifying Mayday, I see what you're talking about now.

musky · « **Reply #24 on:** May 01, 2007, 08:10:24 AM »

Quote

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

Mov2Ohio · « **Reply #25 on:** May 01, 2007, 10:03:27 AM »

This is one project I'm glad they didn't build here.

musky · « **Reply #26 on:** August 01, 2007, 03:38:16 PM »

Crain's:

Quote

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

musky · « **Reply #27 on:** August 02, 2007, 09:17:57 AM »

Quote

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

musky · « **Reply #28 on:** August 02, 2007, 09:18:30 AM »

Quote

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

musky · « **Reply #29 on:** August 08, 2007, 03:21:07 PM »

Crain's:

Quote

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

News:

Author Topic: Cleveland: Forest City Enterprises News & Info (Read 27028 times)