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March 11, 2009
Forest City in the News
Usually Atlantic Yards developer Forest City Enterprises hammers out these public-private partnership deals in some backroom somewhere, so watchdogs like ourselves are not used to the company's desperate public advances attempting to get back in the game for the Medical Mart deal in Cleveland:
The Cleveland Plain Dealer, Forest City making late bid to salvage medical mart project for Tower City
Executives from Forest City Enterprises are in Chicago today, making what could be their last pitch to build a new medical mart and convention center at the downtown Tower City Center, a site Cuyahoga County commissioners have passed over for the project.
...
[Merchandise Mart Properties Inc.] executives almost immediately shot down Forest City's new plan, calling it a "nonstarter." Nevertheless, MMPI agreed to meet with Forest City this morning. The session is expected to end by early afternoon, an MMPI spokeswoman said.
The Cleveland Plain Dealer, Forest City Enterprises continues to fight for medical mart project
It does not appear Forest City Enterprises gained much ground Tuesday trying to land the medical mart project for its Tower City property.
"There's nothing that jumps out at you and really feels like it's so compelling to move there," said a top official of Merchandise Mart Properties Inc. after a lengthy meeting with Forest City in Chicago on Tuesday.
...
The fight looks to be about over.Mark Falanga, MMPI senior vice president, said by phone after the meeting that he was not immediately convinced that Forest City's construction estimates were valid. Cleveland-based Forest City claims it can build the project on its land for $27 million less than the projected cost on the county's favored site, including estimates for land acquisition.
Falanga said his staffers would review Forest City's numbers, and a final judgement would be made in a few days.
Part of the Forest City plan includes straightening a small section of the riverbank along Tower City property to provide more space for the new complex.
Falanga said a change of that magnitude would cause the U.S. Army Corps of Engineers to get involved, causing delays.
NoLandGrab: Like a creepy ex, Forest City isn't gonna take "no" for an answer and just move on. It's like they really, really need this deal and they are way past caring how it looks.
Posted by lumi at March 11, 2009 2:38 AM