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January 6, 2009
Forest City in the News
Here are some bits of non-Atlantic Yards-related news concerning developer Forest City Enterprises:
GlobeSt.com, Demolition Underway for $108M Presidio Project
SAN FRANCISCO-Forest City Enterprises is spending the next few months tearing down the non-historic “wings” of a former hospital complex here as it prepares to renovate its historic core and add space en route to a 161-unit rental community. The former Public Health Service Hospital is located at the foot of the Golden Gate Bridge within the Presidio, a sprawling former army base that has been under redevelopment for more than a decade.
Forest City landed $67.5 million in construction financing for the estimated $108-million project in November, 18 months after it signed the related development agreement with the Presidio Trust. The demolition, which began in December, will take four months to complete. Completion of the renovation and new construction is slated for late 2010. Forest City hopes to achieve LEED-Gold certification for the project from the US Green Building Council.
Cleveland.com (Plain Dealer), Analysis: Frank Jackson's influence on medical mart in doubt
Cleveland's Medical Mart project is still limping along, as a final decision for the site location has yet to be determined. This has got to be driving cash-strapped Forest City Enterprises executives crazy, since one of the sites is owned by the development company:
Commissioners will decide on a site for the complex after MMPI presents them with an analysis of two possible locations: Tower City and the current Cleveland Convention Center. They had wanted to pick a site by Jan. 15. The latest delay will push the decision to mid-February.
A spokesman for Forest City Enterprises last week said he was hopeful [Mayor] Jackson's involvement would move things along. The company owns Tower City and has been frustrated with the project's stagnation.
Conntact.com, It's Winstanley's Town; We Just Live in It
In addition, Forest City Enterprises, a $10 billion publicly-traded real estate company headquartered in Cleveland, is negotiating with the Science Park Development Corp. to convert the old gun factory, known as Tract A, into a mixed-used residential and commercial development.
Posted by lumi at January 6, 2009 4:50 AM