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December 25, 2008
Daily News: Forest City favors apartments at Atlantic Yards
Cleveland Plain Dealer
by Michelle Jarboe
Forest City's attempts to keep alive its proposed Atlantic Yards development are noted on the company's home turf.
The New York Daily News is reporting that Forest City Ratner is favoring apartments over condos during the first phase of its controversial Atlantic Yards project in Brooklyn.
The much-delayed project includes homes, offices, stores and a new arena for the New Jersey Nets basketball team, of which Forest City is a partial owner. Though Forest City Ratner's parent, Cleveland-based Forest City Enterprises Inc., has shelved most future development, executives recently have said they hope to move forward with Atlantic Yards; however, the project timeline is unclear, and recent comments from Forest City Chief Executive Officer Charles Ratner indicate that much of it hinges on the state of the credit markets.
In a report posted online late Tuesday, the Daily News said that Forest City Ratner told city and state officials Monday about new plans to build 900 apartments in three towers originally designed for condos and commercial space.
Posted by steve at December 25, 2008 9:25 AM