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April 2, 2008
Forest City in the News
Crain's Cleveland Business, Forest City Enterprises posts lower results
Forest City blamed the decrease in profits primarily on larger gains on property sales in 2006 than 2007. The company said the drop in EBDT was due to a $34 million decrease in EBDT for its land group, which sells land to homebuilders; that decrease offset gains in commercial operations.
Even though worsening conditions in the real estate business dinged the property giant, Mr. [Charles] Ratner said Forest City’s 2007 results and a long-term perspective “give us the confidence that we will continue to grow our business and drive shareholder value.”
NoLandGrab: You have to admire a company that can turn massive public subsidies into "shareholder value."
The Fresno Bee, Fresno to seek $60m in state aid. City backs efforts to win Prop. 1C grant money to help with infill projects.
Fresno's Redevelopment Agency is supporting efforts to seek more than $60 million in state grant money intended to help with the development of infill projects, which could benefit three projects backed by major developers.
NoLandGrab readers know that Forest City doesn't do ANYTHING without public subsidies:
Forest City says it needs as much as $100 million in public financing to make the $232 million project work. The grant application, being filed jointly by the city and Forest City, seeks $30 million from the infill grant program.
As in NYC, affordable housing is a priority for Fresno:
Forest City, Campus Pointe and Fancher Creek say 20% of their residential units will be designated for affordable housing. The grant program requires at least 15% of the housing to be classified as affordable.
Similar to New York, there are more developers and projects than subsidies:
Murphey acknowledged that the Fresno projects are seeking far more grant money than the $24 million the region is likely to receive.
The Auto Channel, News Release (HQ): EPA Report Profiles Energy Star Partners for Significantly Reducing Greenhouse Gas Emissions
Forest City received an Environmental Protection Agency (EPA) award for "Excellence in ENERGY STAR Promotion," for the company's Denver Stapleton project.
A complete list of award winners is posted on the EPA website.
BostonSF.com, ushman & Wakefield Represents Four Cambridge Life Science Companies
Cushman & Wakefield announced it has recently represented four, early-stage life science companies in Cambridge.
...
Cushman & Wakefield negotiated a 19,093 square foot lease renewal for Ore Pharmaceuticals, the public entity formerly known as Gene Logic, Inc., at University Park at MIT, 38 Sidney Street, which is owned by Forest City.
Posted by lumi at April 2, 2008 4:51 AM