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January 10, 2008
Forest City in the News
MASSACHUSETTS
Boston Business Journal, Forest City gets financing to renovate former mill buildings
Forest City Enterprises, the developer of Haverhill Mills, will receive a $49 million financing package from MassDevelopment for the renovation of 305 apartments.
Haverhill Mills s a mixed-income complex in Haverhill, Mass. Cleveland-based Forest City is using tax-exempt bonds to rehabilitate four early-20th century mill buildings on a four-acre parcel.
Of the 305 housing units, 61 will be designated affordable and offered to individuals earning up to 50 percent of the area's median income.
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MassDevelopment, the state's finance and development authority, works with businesses, financial institutions and local officials to stimulate economic growth across the state.
Eagle-Tribune, Will their pockets be deep? Downtown debates whether 'affordable' housing tenants will spend enough to boost businesses
Not everyone in Haverhill supports including affordable housing in the downtown redevelopment plan.
But several of the projects have a large percentage of their units set aside for so-called "affordable housing," meaning their tenants will have lower than market-rate rents. Critics said that means many people who lack the kind of extra income businesses hope they will spend also will move downtown.
Forest City Enterprises of Cleveland, which plans the biggest housing complex in Haverhill's history - 305 apartments in an old shoe factory complex downtown - landed a $49 million low-interest financing package from the state this week. It requires 20 percent of the apartments, in this case 61, to be kept "affordable" for lower-income people. Those will be tenants who make up to 50 percent of the area's median family income of about $60,000, state housing officials said.
TEXAS
Bloomberg.com, Lennar's New Homes Fetch 60% Less as U.S. Market Slump Deepens
One developer's slump might be an opportunistic developer's steal.
"Standard Pacific is reviewing a number of ways to adjust our business to changing market conditions,'' the company said in an e-mailed statement. "As a part of our plan, we sold most of our excess land in San Antonio and will continue to explore ways to optimize our business, while continuing to provide our customers with high quality homes at an excellent value.''
The buyers were Cleveland-based Forest City Enterprises Inc. and closely held Covington Capital Corp. The price wasn't disclosed.
CoStar.com, Residential Recession Opening Up Land Opportunities
In Texas, Forest City Enterprises' land group business unit and joint venture partner Covington Capital Corp. acquired more than 2,500 single-family home lots in the San Antonio market.
Forest City and Covington Capital gained an immediate presence in the market by acquiring lot positions and land in several planned communities in the area, including Alamo Ranch, Stillwater Ranch, Ashton Park, Indian Springs and Heights of Cibolo, among others.
The land and lots were acquired from Standard Pacific Homes of Irvine, CA. The properties include finished lots as well as future platted lots and encompass price ranges which will serve both first-time homeowners as well as move-up buyers.
"This is an example of our stated strategy of taking advantage of national market conditions to selectively acquire properties and land in key markets. The solid underlying fundamentals of the San Antonio market, including job growth, attractive cost of living and the recreational opportunities provided by the Hill Country area all provide a positive outlook for the single-family market in the long-term," said Bob Monchein, president of Forest City Land Group.
NORTH CAROLINA
The Charlotte Observer, 2 giant subdivision projects withdrawn
Developers hoping to get more city support before going forward
MONROE -- Developers of what would have been two of the largest residential subdivisions ever in Monroe withdrew their applications Tuesday, hours before the City Council was to consider them.
Fearing rejection was at hand, developers said they would try to meet with council members next week and start anew.
"I'm not looking for a spitting match," said Peter Cozens, vice president of Forest City Enterprises, which sought to build one of the subdivisions.
Posted by lumi at January 10, 2008 6:29 PM