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September 30, 2008
Forest City in the News
Westchester.com, Report On Westchester Multi-Housing Market
A report on condos and apartments in Westchester indicates that the market is still strong due to a low vacancy rate. More inventory is slated to come to market with two large-scale projects in the pipeline:
Significant projects (100+ units) that are under construction include Avalon Bay White Plains that will consist of 417 rental apartments; and Forest City Ratner Companies’ (FCRC), Ridge Hill Village in Yonkers, a mixed-use project featuring 1.3 million sq. ft. of retail space, 160,000 sq. ft. of office and research facilities, and a hotel and conference center. Ridge Hill’s residential component will comprise up to 1,000 apartments, of which 200 will be for over-55 active adults and 135 will be affordable.
Dallas Morning News [City Hall Blog], Cluster of downtown Dallas buildings slated for new redevelopment plan
A portion of Forest City Enterprises's project in Downtown Dallas has stalled, but the city has a Plan B:
...City Hall gave the buildings to Cleveland-based developer Forest City Enterprises as part of redevelopment plan -- subsidized by about $70 million in public money -- centering on the conversion of the long-vacant Mercantile Bank Building into apartments and retail space. Forest City agreed to begin redeveloping them into more than 200 apartments, or face a series of $250,000 penalties payable to the city government.
Today, the four Atmos buildings remain empty with no redevelopment plan in motion. But that could soon change with a potential change in building ownership.
See, Forest City has already forked over one $250,000 penalty payment to City Hall with the prospect of more looming. After three such penalties, Forest City would by contract forfeit the buildings -- and Dallas City Hall would again become their owner.
Posted by lumi at September 30, 2008 5:36 AM