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December 14, 2007
Forest City in the News
WASHINGTON, D.C.
Washington Business Journal, Developers sketch out competing plans for Poplar Point
Jay-Z, Google, a charter school and other attractions were dangled before residents of D.C.'s Ward 8 by four groups vying to develop 130 acres of riverfront property on Poplar Point.
Not surprisingly, Forest City is basically willing to say anything people want to hear in order to land this deal:
Forest City, which is developing The Yards near the Nationals ballpark, said it is in learning more from the community before making firm plans. "This will be what you want it to be," said Alex Nyhan, Forest City development manager and a former official with the deputy mayor's office. The company proposed a set of neighborhoods and parks with street-level retail, a 50,000 square foot floating ampitheater and more housing than the other teams: 4.084 units, including 3 million square feet of condominiums. Nyhan said the Forest City team is seeking 25 percent ownership by companies designated as "local, small, disadvantaged business enterprises."
CLEVELAND, OH
The Cleveland Plain Dealer, Discounted loan repayment is hot potato for City Council's Sweeney
[Cleveland Mayor Frank] Jackson has decided to ask developers to pay off millions of dollars in city loans early at a discount, to provide the city with money needed for new city building projects or renovations.
Such discounted repayments in the past have been controversial because they appeared to let developers off the hook for the amounts they borrowed even though the repayments are made at fair market rates.
...
At the time, Mayor Michael R. White wanted the council to accept a bid from a partnership controlled by Forest City Enterprises to pay off a $9.2 million no-interest loan with an early payment of $3.9 million.Forest City received the money through the now-defunct federal Urban Development Action Grant program to renovate the old Post Office headquarters on West Prospect Avenue downtown.
Posted by lumi at December 14, 2007 4:33 AM