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February 27, 2008
Forest City in the News
Fresno Bee, Forest City funding a priority
The Fresno City Council voted Tuesday to make Forest City's South Stadium project a funding priority and authorized the city's Redevelopment Agency to begin buying property within the project area.
The council also directed city staff to work with Forest City to close a multimillion-dollar funding gap in the $237 million project by scouring state programs for grants and loans.
"The state is a large organization," said Council Member Larry Westerlund. "If you turn it upside down and shake it, it's amazing what falls out."
NoLandGrab: "Buying property in the area" also includes the use of (the threat of) eminent domain. Also, we love how city staff has been directed to work closely with Forest City Enterprises (FCE) to find more state funding, which makes sense because FCE has a reputation for being a master of subsidies.
FoxBusiness.com, Forest City Enterprises Announces Project Financings
Another web site carried Monday's press release announcing project financing for seven projects, "totaling nearly $380 million."
Crain's Cleveland Business, Forest City Enterprises completes seven refinancings
At a time when keeping access to debt is a growing worry for realty developers, Forest City Enterprises Inc. (NYSE: FCEA, FCEB)) of Cleveland announced it has completed seven financings totaling $380 million for projects in its development pipeline or properties in its portfolio.
Crain's reporter Stan Bullard explains:
When a real estate developer refinances a property, it extends, renews or increases the size of loans secured by the property. Such deals also allow developers to reap some of the benefit of the increase in a commercial property’s value while continuing to operate it.
Tampa Bay Business Journal, Pasco mall to begin second phase
More news on one of the projects that Forest City just managed to finance:
The developer of the Shops at Wiregrass obtained a $132 million loan to begin the second phase of construction at the Wesley Chapel retail center.
Forest City Enterprises (NYSE: FCEA and FCEB) financed the loan with RBS Citizens NA as the lead lender and Wachovia Bank and National City Bank, according to a company statement released Feb. 25.
CoStarGroup, Forest City Receives LEED Certification on Promenade Bolingbrook
Forest City Enterprises (NYSE: FCEA) received LEED certification on The Promenade Bolingbrook, a 736,000-square-foot lifestyle center in Bolingbrook, IL that opened April 26, 2007. The center is anchored by Bass Pro Shops and Macy's and also includes 42,000 square feet of office space.
Commenting on the certification process, Valerie Westley, a forest city development representative, said after explaining the company didn't seek LEED certification until after the center's design was complete and construction had begun, "We were able to get certification, but there is such an advantage to incorporating sustainability from the very beginning of a project. That’s definitely the approach we plan to take from now on.”
Forest City now has two LEED certified retail projects in its portfolio -- the first was the 1.2-million-square-foot Shops at Northfield Stapleton in the Denver area.
NoLandGrab: The new NY Times building was supposed to be a third, but after announcing the intention to apply for LEED certification during the planning phase, the development company never followed through.
Cleveland Leader, Cimperman Is Doing Corporate Work
A primer on how the Ratners buy politicians, Cleveland-style, and what they get for their bucks.
Posted by lumi at February 27, 2008 5:47 AM