« $680M Loan Closes for Downtown Tower Build | Main | Forest City 4Q profit falls; revenue up 16.6% »

April 1, 2008

Flashback, 2004: Forest City claims it was "selected" to develop AY

Atlantic Yards Report

Could this be Norman Oder's idea of an April Fools joke, or is the joke on Brooklyn and NY taxpayers?

From a 3/11/04 press release announcing the financial results for the fiscal year ending 1/31/04, Chuck Ratner, president and chief executive officer of Forest City Enterprises (FCE), offered an original fib that should've been challenged.

"In addition," he said, "we strengthened our opportunities for future growth by being selected to pursue the rights to develop Southeast Federal Center in Washington, D.C. and Brooklyn Atlantic Yards in Brooklyn, as well as our first military families housing project in Hawaii."
(Emphasis added)

Ratner's language implied there was a bidding process for a project known as Brooklyn Atlantic Yards. Rather, FCE subsidiary Forest City Ratner proposed a project that was embraced by local political leaders. However, no one "selected" the developer.

article

Posted by lumi at April 1, 2008 6:13 AM