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March 9, 2009
Forest City cuts Mesa del Sol staff in half
New Mexico Business Weekly
While Atlantic Yards developer Forest City Enterprises continues to tell reporters that work has stopped in the Vanderbilt Yards because they have gone as far as they can while lawsuits are still pending, recent layoffs indicate otherwise.
Just last week, half of the staff was laid off for one of the company's award-winning projects, Mesa del Sol, as residential development was once again stalled, due to the economy (not lawsuits).
Mesa del Sol’s staff is being cut in half and its residential development plans have been put on hold indefinitely.
Developer Forest City Covington blamed current economic conditions for the cuts but expressed optimism long term for the 12,000 acre development near Albuquerque’s Sunport International Airport.
The layoffs will reduce Mesa del Sol’s staff from its current 18 to nine over the coming months. It’s the second round of cuts since last November, when Forest City pink slipped the project’s economic development team.
...
“Our plan for Mesa del Sol is that it will be developed over the next 35 to 50 years. We know in the real estate business that there are ups and downs and unfortunately, we are working with a down market.”
Posted by lumi at March 9, 2009 5:45 AM