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April 4, 2008
Forest City in the News
Forbes.com, Forest City outlook cut to negative on unfavourable market conditions - Moody's
Moody's Investors Service said it has revised Forest City Enterprises Inc.'s outlook to negative from stable, citing the unfavourable market conditions in single-family residential real estate that have been putting pressure on Forest City's land development business.
GlobeSt.com, Forest City Delays Large Projects, Examines Others
Despite a challenging economy, Forest City Enterprises continues to look for development and acquisition opportunities even as it eyes its pipeline cautiously, executives said at the company’s fourth quarter conference call.
Regional mall sales last year were $468 per sf, but comparable sales declined 1.8% in 2007, indicating weakness. With all sectors slowing, and anticipating a weak financing environment for the rest of the year, the company has delayed projects that would have exceeded $1 billion (including a retail project in the Northeast), and each project in the pipeline is being examined.
Larchmont Gazette, Myrtle Blvd Parking Deck Construction To Begin in June
After weeks of negotiations (and several public hearings), the board unanimously approved a three year extension to the special permit granted Forest City Mamaroneck (FCM) in October 2006 to build an apartment complex on Madison Avenue and a parking deck on Myrtle Boulevard. Forest City now has until April 2011 to apply for a building permit for the apartment complex.
Town Attorney Bill Maker made it clear that the permit was extended on the condition that FCM begins construction of the promised two-story parking deck no later than June 2, 2008 and completes the project by March 1, 2009 - whether or not the apartment complex is ever built. In essence, the Town gained a new parking facility for 118 cars at no cost to taxpayers.
LVBC.com, City Council moves ahead with new city hall
$150 million. That's how much it will cost to build a new city hall for Las Vegas. Despite the economic slump, City Council decided to move forward anyway.
News 3's Marie Mortera tells us how the city can afford this. The key is not to pay for it now. In fact, Las Vegas won't have to come up with the money to turn the site around until five years after construction is done, in 2016.
That's what helped seal this initial deal between the city and developers Forest City and Live Work Las Vegas.
Posted by lumi at April 4, 2008 4:51 AM