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July 28, 2008
Forest City's New Rochelle project faces hurdles
The Real Deal
By Marc Ferris
Another controversial and possibly eminent-domain-abusing megaproject brought to you by the family from Forest City:
By any measure, Forest City Residential's proposed $450 million, 26-acre Echo Bay development in New Rochelle is a challenging one.
Extensive contamination requires a $20 million remediation, according to a city estimate. Although the site on Long Island Sound sits on an island-dotted bay that glows during the sunset, it is also located next door to a county wastewater treatment facility. And some local veterans threaten to fight the proposed demolition of the dilapidated armory building on the site.
To pull off the Echo Bay project, in May the city chose Forest City Residential, a division of Cleveland-based Forest City Enterprises, which is also the parent company of Bruce Ratner's Forest City Ratner.
The possible use of eminent domain looms if property owners refuse to sell to Forest City Residential, much like Forest City Ratner relied on seizing private property for its massive and controversial Atlantic Yards project in Brooklyn. The Ratner family is probably feeling confident following the U.S. Supreme Court's rejection last month of a petition by Atlantic Yards opponents. That petition would have granted a hearing to 11 property owners and tenants challenging the government's ability to seize private homes for development.
Forest City is no stranger in Westchester. Bruce Ratner managed to overcome strong opposition to Ridge Hill Village, the largest development project ever built in Yonkers.
Posted by lumi at July 28, 2008 3:57 AM