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October 4, 2007
Forest City in the News
CLEVELAND
The big news from the Cleveland headquarters of Atlantic Yards developer Forest City is that long-time CFO Tom Smith has announced his retirement. Robert O'Brien, currently Forest City's Executive VP of Strategy and Investment Management, has been named to succeed him.
From Crain's Cleveland, Forest City's longtime CFO to retire:
The Cleveland-based real estate giant said current CFO Thomas G. Smith will retire on or about April 1, 2008, following the filing of Forest City’s Form 10-K with the Securities and Exchange Commission. Mr. Smith has been the company’s CFO since joining Forest City in 1985.
Forest City said Robert G. O’Brien will assume overall leadership of financial activities next Feb. 1, which is the beginnin of the company’s fiscal year, and will become executive vice president, chief financial officer concurrent with Mr. Smith’s retirement.
Reuters, Forest City Enterprises CFO to retire
AP, via CNNMoney.com, Forest City CFO to Retire Next Year
WASHINGTON, D.C.
In other Forest City news, there was a big groundbreaking in DC yesterday:
nbc4.com, District Breaks Ground On Anacostia Waterfront Project
Officials broke ground Wednesday on one of the largest real estate development projects on the East Coast.
A 42-acre site along the Anacostia River near the city's new baseball stadium will feature retail, housing, parks and offices.
"More than 35 development companies are part of the project," including Forest City:
With a band as a backdrop, Forest City developers and city officials formally announced initial construction of the 20-year project called "The Yards" on Wednesday. Some parts of the development are set to open as early as 2009.
Washington Business Journal, Work officially begins revitalization of old Navy Yard site
Forest City Washington broke ground Wednesday on The Yards, a 42-acre redevelopment on property that used be part of the Washington Navy Yard.
The area, formerly called Southeast Federal Center, will be home to 2,700 residential units, 1.8 million square feet of office and retail space. D.C. officials estimate that the project will have 3,700 residents and add 7,700 jobs, which would generate $450 million in annual paychecks.
Washington Times, Ground broken on SE project
What would a major development project be without the opportunity for people to "live, work and play" near a new sports venue?
The space has long gone unused and blocked public access to the Anacostia waterfront. The project is expected to revitalize what was once an industrial area.
"The development along M Street [Southeast] and in the area will be a new neighborhood where people can live, work and play in ... an area that used to be dumping grounds," said D.C. Council member Tommy Wells, Ward 6 Democrat.
The Yards is three blocks from the Nationals' new baseball stadium, which is slated to open in the spring. It will feature a 5½-acre waterfront park with green space, walkways, a marina and a water taxi landing.
Posted by lumi at October 4, 2007 7:40 AM