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November 21, 2008

1,000-acre plan scrapped

Cleveland company withdraws its plans for giant housing, retail project between Dublin, Marysville

The Columbus Dispatch
By Mike Pramik

An ambitious plan to turn nearly 1,000 acres of rural Union County land into a bustling community is being canceled.

Cleveland-based Forest City Enterprises, the proposed developer of Bayly Pointe, today plans to withdraw a zoning application it had filed with Millcreek Township.

Bayly Pointe was intended to include offices, retail space and more than 2,000 residences at the site, at the intersection of Rts. 33 and 42.

News of the cancellation came in a letter to township trustees, Millcreek Township Trustee Keith Conroy said.
...
Representatives of Forest City did not return calls seeking comment yesterday. However, in the letter to the township, Forest City cited the poor economy and infrastructure issues as reasons for the decision, Conroy said.

article

Atlantic Yards Report, As Forest City's stock continues to plunge, one project is scrapped

As the stock of Forest City Enterprises (FCE) continued its mind-boggling fall--down nearly 18% yesterday to $3.42, a new low, and 93% for the year--the casualties have begun.

This doesn't necessarily signal anything about the developer's plans for Atlantic Yards, because Bayly Pointe had not yet been approved.

The developer, and its local arm Forest City Ratner, surely aim to hold onto a project like Atlantic Yards that has increased in value by gaining governmental approvals. After all, they "control the pace."

But the tanking stock has to concentrate the mind. Either Forest City Enterprises is headed for oblivion or it's a very good buy.

Posted by lumi at November 21, 2008 6:16 AM