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January 1, 2008
Forest City in the News
LA Downtown News, Downtown Develops
A year-end wrap-up of new development in Downtown LA starts off with the adaptive re-use of a high-rise developed by Forest City.
White Elephant No More: The former office high-rise at 1100 Wilshire Blvd. opened for occupancy last December, but only filled up this year, adding another wave of residents to the once-shunned City West. A development team headed by Forest City Residential West converted the 37-story skyscraper into the 1100 Wilshire condominium complex, one of several new residential developments along Wilshire Boulevard west of the 110 Freeway. Originally completed in 1986 but never leased, the building was once considered the white elephant of Downtown real estate. Now, studios and one- and two-bedroom units in the 228-condominium complex - many with 360-degree views - go for $500,000 to more than $3 million.
Note: Forest City Ratner (FCR) is not only planning to demolish the former Spaulding factory, which was already adapted into housing, but also hopes to force the last remaining homeowner from the ornate Atlantic Arts condos, a former storage building, in order to do the same. On top of that, FCR is passing up the opportunity to adaptively re-use the historic Ward Bakery building.
SeekingAlpha.com, Housing Market Tracker - Commercial Real Estate Review
From Seeking Alpha's "summary of articles and data points on the housing market:"
A World Full of Grand Plans (Wall St. Journal, Dec. 26th): "Some of the biggest cities in the world are proposing the most ambitious real-estate projects in a generation... But banks are sharply cutting back on commercial real-estate loans... Goldman Sachs on Dec. 14 downgraded the stock of one of the largest builders of urban projects nationwide, Forest City Enterprises. The downgrade said increased borrowing and construction costs are making its development projects less profitable. One of Forest City's subsidiaries, Forest City Ratner Cos... delayed the expected completion of an NYC basketball arena that is the centerpiece of its $10 billion Atlantic Yards project in Brooklyn."
Richmond Times-Dispatch, New retail areas building
Tenants at The Shops at White Oak Village should start opening in October.
"We are very much on target with our construction," said Nancy McCann, spokeswoman for Forest City Enterprises Inc. The Cleveland-based company and Pruitt Associates of Henrico County are developing the project as they did Short Pump Town Center.
The company, she said, sees tremendous growth in the eastern part of the metro area.
The 900,000-square-foot center would have a variety of large anchor tenants as well as space for about two dozen smaller national, regional or local retailers. Tenants include Dress Barn, Freeman's Men Shop, Kay Jewelers and T.G.I. Friday's.
The smaller tenants will have space in a village-like setting in the middle of the center.
And Red Lobster will locate there. Residents asked developers to snag the seafood restaurant for its project.
"That's a very big highlight there," McCann said.
NoLandGrab: Brooklynites can look forward to the continued proliferation of national chains, if Atlantic Yards is built.
Posted by lumi at January 1, 2008 4:56 PM