Topic: Cleveland: Forest City Enterprises News & Info

[MyTwoSense]

[GreenerPastures]

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

[MuRrAy HiLL]

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

[MyTwoSense]

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

[mrnyc]

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

[mrnyc]

psst! yo vinny, atlantic yards is ovah, your miss brooklyn turned into a runaway bride 



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

[MyTwoSense]

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!

[brtshrcegr]

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/

[MyTwoSense]

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#

[mrnyc]

booker is gonna get his nets. just watch. one thing he aint gonna get is lebron.

but neither are the sucky knicks.

[GreenerPastures]

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

[mrnyc]

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

[MyTwoSense]

FCE also bought a mall in Denver.  A mall  Yes, a mall  It's a Lifestyle center!

[smith]

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.

[MyTwoSense]

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! 

[palijandro7]

Mr. Citation Nazi,

While we are happy you post, let me make a recommendation.

PROVIDE A BLOODY LINK!!!!!   

[palijandro7]

Haha.  I was about to extract all of your "citation demands" on other people, but then realized UO is controlling my day.

[MyTwoSense]

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(R) 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&

[MyTwoSense]

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

[GreenerPastures]

I had no idea it was this bad. I am sending them my extra jar of gray poupon.

[MyTwoSense]

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.

[GreenerPastures]

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.

[MayDay]

[mrnyc]

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

[The_Cincinnati_Kid]

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.

[mrnyc]

forest city and curbed blog keep it kinky in brooklyn   


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

[mrnyc]

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

[8ShadesofGray]

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/

[mrnyc]

^ 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:

[MyTwoSense]

wow.  i can remember when none of that stuff was there.

[mrnyc]

atlantic yards in the nytimes today.

will ya lookit all the hustling the ratners do for not cleveland...i'm just sayin... 


Atlantic Yards’ Developer Races a Court Hearing, a Bond Deadline and Opponents

 
By CHARLES V. BAGLI
Published: August 9, 2009


Demonstrators rallied against Bruce C. Ratner’s Atlantic Yards development on July 29. A court hearing on the Brooklyn project is scheduled for Oct. 14.

As the usual tumult greeted the final public hearings on the Atlantic Yards development last month, it was business as usual for the developer Bruce C. Ratner.

He visited three rating agencies in preparation for selling bonds this fall to finance the first project in the 22-acre development near Downtown Brooklyn: an $800 million, 18,000-seat arena for the New Jersey Nets.

He flew to Moscow to meet with the billionaire Mikhail D. Prokhorov about investing in the money-losing Nets.

He went to and from City Hall and the state’s economic development offices on Third Avenue to complete the paperwork for the Atlantic Yards development and to start work on the arena.

“We are racing to the finish line,” Mr. Ratner said in an interview as the public hearing drew to a close. “Our sense is that while this project was important five years ago, it has become even more important given the economy and the job situation in the city.”

Aside from the rebuilding of the World Trade Center, Atlantic Yards is the largest project in the city moving forward. The redevelopment of the 26-acre Hudson Yards in Manhattan and dozens of other projects have been slowed or stopped by a flagging economy and a lack of real estate financing.

But Mr. Ratner must clear a number of important hurdles before starting construction of the arena and the first four residential towers.

There is an Oct. 14 hearing before the state’s highest court, where opponents hope to scuttle Atlantic Yards by challenging the state’s use of eminent domain. Beyond that, there is a looming deadline: he must get the financing done and start work by Dec. 31 in order to qualify for a much needed tax-exempt bond status and hold on to a $400 million naming-rights deal with Barclays Bank for the arena.

Mr. Ratner acknowledged that he was also seeking additional investors for the Nets, but he said he and his company would retain a substantial stake in the team, which he hopes to move to Brooklyn during the 2011-12 season.

Mr. Ratner has already pared back the cost of the arena from $1 billion and replaced the original architect, Frank Gehry, with the firm of Ellerbe Becket, which has designed a number of basketball arenas. At the same time, he struck new agreements with both the Metropolitan Transportation Authority, which owns the railroad yard where Mr. Ratner wants to build the arena, and the state to revise his original plans.

Officials have given him more time to build eight acres of publicly accessible open space and as many as 16 buildings and 6,400 apartments, while allowing him to replace the railyard with a smaller, less expensive yard than originally planned. About 40 percent of the housing would be built for low-, moderate- and middle-income families.

Critics, led by the group Develop Don’t Destroy Brooklyn, contend that Atlantic Yards will overwhelm the neighborhood and unfairly benefit a developer who they say has received too many subsidies, including $305 million from the city and the state, along with tens of millions of dollars in tax breaks.

The Court of Appeals has set an Oct. 14 date for oral arguments: some local property owners are challenging a unanimous lower court decision approving the state’s use of eminent domain. Daniel Goldstein, a spokesman for Develop Don’t Destroy and one of the property owners, said “the project is dead” if their appeal is successful. A decision is expected in November.

Regardless, he added, “We plan on bringing at least two more significant lawsuits against the phantom project,” a reference to the developer’s failure to release new images of his buildings after scrapping the original designs.

Mr. Ratner said he expected to release new images of the arena before Labor Day. “I think the final architecture will be really beautiful,” he said.

The developer disputed critics who claim that he may never build the parks and affordable housing that he once promised, now that the expected completion date has been pushed out to 2019, from 2016. Mr. Ratner said there was a continuing need for affordable housing for the city’s teachers, nurses, firefighters and hotel workers.

“There is a stable and steady group of takers for work-force housing in the city,” Mr. Ratner said. “The goal is not just to create the required amount but possibly more than that.”

In recent weeks, the developer has sought additional housing subsidies from city officials, who have so far declined to go beyond the standard incentives for developers. The project’s underwriters, led by Goldman Sachs, are also preparing to sell about $700 million in bonds for the arena in October.

Some real estate executives and critics said it would be hard to sell the bonds for such an uncertain project. But Jay Abrams, a bond analyst at FMS Bonds, said there “is definitely an appetite for tax-exempt bonds in New York, and elsewhere.” The lawsuit, he added, “is not necessarily a game-killer. At the right price, there’s always a buyer for bonds.”

http://www.nytimes.com/2009/08/10/nyregion/10yards.html?_r=1

[MuRrAy HiLL]

Interesting...

http://news.prnewswire.com/DisplayReleaseContent.aspx?ACCT=104&STORY=/www/story/08-25-2009/0005082625&EDATE=

Forest City Named Program Manager for Redevelopment of San Juan, P.R. Waterfront
 
CLEVELAND, OH UNITED STATES
 
CLEVELAND, Aug. 25 /PRNewswire-FirstCall/ -- Forest City Enterprises, Inc. (NYSE: FCEA and FCEB) today announced that a subsidiary has been selected by the Puerto Rico Department of Economic Development and Commerce (DDEC) and the Puerto Rico Tourism Company to become the program manager for the redevelopment of a 21-block area of San Juan's waterfront district.

Forest City will provide wide-ranging program management services on a fee basis for the project, which is proposed to include residential, hotel, office, retail and parking components, as well as public parks, including a marina.

The 100-acre site is located just east of the historic Old San Juan district on the San Antonio Channel in the area of San Juan known as the Isleta. The site includes nearly two miles of waterfront.

"We are honored to be selected and extremely excited to provide our full array of development management services for the redevelopment of San Juan's waterfront," said Charles A. Ratner, Forest City president and chief executive officer. "This is precisely the type of project - including elements of urban infill, revitalization and waterfront redevelopment - that Forest City has experience with and does well. This selection also reflects our continued strategic expansion into asset management and third-party advisory services," he added.

The decision to choose Forest City to manage the redevelopment of San Juan's waterfront was the result of DDEC's recent open request-for-qualifications process, which attracted more than 30 initial bidders. A definitive agreement is expected within the next several weeks. This is Forest City's second project in Puerto Rico, the first being the former U.S. Navy property at Sabana Seca.

During the proposal phase, the company teamed with San Juan-based PG Engineering Solutions, as well as Strategic Advisory Group of Atlanta, in its bid for the project. Forest City and DDEC will work together to build a full development advisory team for the project.


About Forest City

Forest City Enterprises, Inc., is an $11.7 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.

[mrnyc]

until? dont they mean if its complete? 


New Jersey Nets may move to Prudential Center until Brooklyn's Atlantic Yards project is complete

BY Julian Garcia
DAILY NEWS SPORTS WRITER

Saturday, October 24th 2009, 4:00 AM

Brook Lopez and the Nets might end up playing in Newark at the Prudential Center before moving to Brooklyn.
Related News
   
In a statement handed out at Friday night's preseason game at St. John's, Nets CEO Brett Yormark said the Nets could abandon their outdated East Rutherford arena for the two-year-old Prudential Center in Newark while they wait for the Barclays Center to be built in Brooklyn. Yormark said that once the Brooklyn deal is finalized, "we may consider an agreement to play our home games at the Prudential Center through the time we move to our new home...in the 2011-2012 NBA season."

The Nets have played at Meadowlands Arena since 1981 and have suffered from poor attendance for years.

Read more: http://www.nydailynews.com/sports/basketball/2009/10/24/2009-10-24_new_jersey_nets_may_go_to_newark_before_brooklyns_atlantic_yards_project_is_comp.html#ixzz0UyvhraQH

[Cypress87]

Looks like Atlantic Yards has cleared some legal hurdles (3+ years) over the use of eminent domain.  Tax exempt bonds are being sold to finance part of the project, just in case some one was interested in supporting RMS.


Atlantic Yards Project in Brooklyn Clears Legal Hurdle
BY Charles Bagli
NY Times

The last major obstacle to a groundbreaking for the $4.9 billion Atlantic Yards development in Brooklyn fell Tuesday when New York’s highest court, the Court of Appeals, dismissed a challenge to the state’s use of eminent domain on behalf of the developer, Bruce C. Ratner.

“Once again the courts have made it clear that this project represents a significant public benefit for the people of Brooklyn and the entire city,” Mr. Ratner said. “Our commitment to the entire project is as strong today as when we started six years ago. Today, however, this project is even more important given the need for jobs and economic development.”

Full article at: http://www.nytimes.com/2009/11/25/nyregion/25yards.html?hp

[MyTwoSense]

Looks like Atlantic Yards has cleared some legal hurdles (3+ years) over the use of eminent domain.  Tax exempt bonds are being sold to finance part of the project, just in case some one was interested in supporting RMS.


Atlantic Yards Project in Brooklyn Clears Legal Hurdle
BY Charles Bagli
NY Times

The last major obstacle to a groundbreaking for the $4.9 billion Atlantic Yards development in Brooklyn fell Tuesday when New York’s highest court, the Court of Appeals, dismissed a challenge to the state’s use of eminent domain on behalf of the developer, Bruce C. Ratner.

“Once again the courts have made it clear that this project represents a significant public benefit for the people of Brooklyn and the entire city,” Mr. Ratner said. “Our commitment to the entire project is as strong today as when we started six years ago. Today, however, this project is even more important given the need for jobs and economic development.”

Full article at: [url=http://www.nytimes.com/2009/11/25/nyregion/25yards.html?hp]http://www.nytimes.com/2009/11/25/nyregion/25yards.html?hp[/url]

 
 

 
Hey Bruce, how about applying that same logic in your company's home town??