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June 2, 2008
Forest City in the News
Crain's Cleveland Business, Forest City sells 80% stake in Network Parking
L&R Group, a Los Angeles-based parking lot operator, has acquired Forest City Enterprises Inc.’s 80% interest in Network Parking of Cleveland for an undisclosed amount.
L&R also inked a long-term agreement to become Forest City’s parking provider nationally with the exception of its New York City properties.
Richmond Times-Dispatch, Eastern Henrico shopping center on track to open in early October
Thanks to Forest City Enterprises and creative bond financing, "The times when residents from eastern Henrico County had to drive out of the area to shop at a Circuit City or eat at Red Lobster are nearly over."
TMC.net, Key downtown Fresno project in works: A lot is riding on housing-retail plan near Selland.
City officials are counting on its housing, convention facilities, hotel rooms and entertainment to create a slice of what downtown has been missing for nearly a half-century -- life around the clock.
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City officials in the past four years have touted huge projects in or near the city's core. But Forest City Enterprises' South Stadium project still is waiting to turn its first shovelful of dirt, and billionaire developer Donald Trump's effort to buy the bankrupt Running Horse golf and residential project in southwest Fresno fizzled.
NoLandGrab: Because of the threat of the use of eminent domain, the Forest City Enterprises Fresno project is on property rights activists' watch list.
Chicago Business, Mega-malls stalled
Four of five massive shopping centers proposed for Will County are delaying their openings as retailers halt expansion plans in a slowing economy.
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Will County's population rocketed to more than 650,000 from 500,000 at the beginning of this decade. The epicenter of the retail rush has been New Lenox, where the recently completed extension of Interstate 355 attracted two national developers, each proposing to build malls with more than 1 million square feet of retail space.Collectively, the two projects, one by Forest City Enterprises Inc. and the other by Zaremba Group LLC, both of Cleveland, are forecast to generate as much as $6 million a year in sales tax revenue for the village, New Lenox Mayor Tim Baldermann says. ...
The head of Forest City's Chicago office, Jerry Ferstman, says his firm is still committed to its New Lenox plan. "We're going forward with the project," he says. "With everything that's been going on with the economy and the credit crunch, it's gotten delayed a year."
The Morning Call, St. Luke's expansion to turn 500 acres into green giant
Plans have been scrapped for Forest City's proposed mall in Bethlehem Township.
St. Luke's Hospital announced Friday it would more than double the size of its proposed complex in Bethlehem Township and work with General Electric to create the world's first so-called ''ecomagination'' health care campus.
Exactly what St. Luke's plans to do with the new 300 acres, just east of nearly 200 acres it already owns at Route 33 and Freemansburg Avenue, remains unclear.
But it is clear The Summit Lehigh Valley lifestyle mall, the project formerly pitched for the property St. Luke's is buying, won't move forward as planned, township officials said. The mall developer, Forest City Enterprises, declined to comment.
Posted by lumi at June 2, 2008 4:08 AM