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February 22, 2008
Forest City in the News
CoStar Group, Forest City Nearing Completion on Orchard Town Center
Forest City's newest mall:
Forest City Commercial Group, a subsidiary of Forest City Enterprises (NYSE: FCEA), is nearing completion on Orchard Town Center, a 983,000-square-foot lifestyle center located at the intersection of I-25 and 144th Avenue in Westminster, CO. Anchored by Macy's, JC Penney, AMC Theatres and Super Target, the center will host a grand opening celebration on April 3, 2008.
The New Haven Independent, Science Park Chooses Preferred Developer
Last October, Science Park Development Corporation got three responses to a Request for Qualifications seeking a developer for the lot, said David Silverstone, Science Park Development Corporation chairman and president. The corporation has chosen a preferred developer among the three: Forest City Enterprises, a $10 billion publicly-traded real estate company with headquarters in Cleveland, Ohio.
GlobeSt.com, Forest City Proposes $450M Waterfront Project
Though it's likely that Forest City will be using eminent domain in New Rochelle, as they are in Brooklyn, the company has eschewed two of Atlantic Yards' most serious urban-planning concerns, the high-rise superblock campus and parking spaces for all. Also, in New Rochelle, Forest City has turned its back on the big-box mentality that it has perpetrated upon Brooklyn.
The plan calls for the development of a “village concept” that will be bereft of high-rise properties that have cropped up in the downtown district with the likes of the Trump Plaza and Avalon on the Sound developments that have already been built and other proposals in the pipeline there. Instead, the project will feature “stick-built” four- to five-story buildings that will have retail on the first floor with apartments on the upper floors. Parking will be in the back of the buildings. Approximately 20% of the rental housing units will be marketed as affordable.
There will be no parking on the main streets, he says. The project will seek to attract restaurants as well as destination-type retail. The development will not have any “big box” retail, Levey adds.
GlobeSt.com, Forest City Certifies $200M Promenade for LEED
Forest City Enterprises recently received LEED certification for its open-air, mixed-use Promenade Bolingbrook development. Site work is expected to start for the project’s second phase this summer, which will include two hotels and a 600,000-sf power center at the site at Interstate 355 south of Boughton Road. The estimated cost of the completed project is approximately $200 million, says Valerie Westley, development director for Forest City.
NoLandGrab: BTW, "open-air, mixed-use... development" is a fancy term for an outdoor mall with some additional space for offices, a hotel or housing.
Don't worry, Forest City hasn't totally lost its head — the Bolingbrook mall will be rife with box stores:
Retailers include Bass Pro Shops, Coach, H&M, Yankee Candle, Sunglasses Hut and Macy’s. The asking lease rate is between $34 and $44 per sf, net. The asking lease rate for the approximate 40,000 sf of office space at the center is $30 per sf net. The office space is vacant after the Sun Times News Group backed out of a deal to lease the space, she says. A 333,000-sf Ikea store and a 46,000-sf LA Fitness are also at the site.
Posted by lumi at February 22, 2008 4:00 AM