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April 10, 2009
Forest City in the News
Arizona Daily Star, Gladden Farms gets debt extension
Gladden Farms, the financially troubled master-planned community in Marana, has received an extension to continue negotiations with lender GMAC Financial Services.
Located just west of Interstate 10 along Tangerine Farms Road, Gladden Farms is facing foreclosure on about 625 acres of undeveloped land. The developer had faced a foreclosure deadline Thursday.
Dean Wingert, senior vice president of Gladden Farms developer Forest City Enterprises, said negotiations with GMAC are continuing.
NoLandGrab: Doesn't sound like lawsuits are holding up this project.
Crain's Cleveland Business, Cleveland Play House property raised as option for convention center site
The saga over the site of Cleveland's proposed Medical Mart continues...
Add the site of the Cleveland Play House at 8500 Euclid Ave. to the mix as an alternative for the planned convention center and medical merchandise mart if Cuyahoga County and the city of Cleveland cannot strike a deal soon.
...The city of Cleveland owns the existing convention center and Cleveland Public Auditorium, which is MMPI’s favored site for the complex. Forest City Enterprises Inc. of Cleveland vigorously has challenged the viability and desirability of the Mall site for the complex compared with a site it owns on Huron Road near Tower City Center.
Pittsburgh Post-Gazette, Convention center hotel plans on hold
The SEA had been considering a new request for proposals after negotiations stalled with Forest City Enterprises, the Cleveland developer selected six years ago to build the so-called headquarters hotel with as many as 500 rooms.
But even with the lure of $34 million in public subsidies for the project, the SEA has been unable to complete a deal with Forest City to undertake the project, which those in the local tourism industry see as a key to increasing the number of conventions in Pittsburgh.
...While the convention center project has languished, about half a dozen hotels Downtown, on the North Shore and the South Side are in various stages of construction.
NoLandGrab: A measly $34 million in public subsidies? How dare the city of Pittsburgh insult Forest City like that!
Crain's Cleveland Business, Pittsburgh's convention conundrum
Crain's Cleveland Business picks up the Pittsburgh story.
Here’s another reminder that new convention centers aren’t always the economic slam dunks their backers expect.
...“But even with the lure of $34 million in public subsidies for the project, the (authority) has been unable to complete a deal with Forest City to undertake the project, which those in the local tourism industry see as a key to increasing the number of conventions in Pittsburgh.”
(Feel free to insert the word “Cleveland” every time you see “Pittsburgh” in this story. And six years of negotiations can’t produce a hotel deal? This isn’t just a problem caused by the economic downturn.)
Daily Herald, Des Plaines eyes deal for partial Five Corners redevelopment
Forest City can root out tax-increment financing deals or public subsidies like a pig can smell a truffle.
Des Plaines city officials are considering signing a letter of intent with Cleveland-based Forest City Enterprises to redevelop roughly 20 acres of the Five Corners taxing district.
...City officials have been in talks with Forest City for more than a year over the northern 20 acres of the TIF district.
..."We want to enter into a redevelopment agreement that makes them the preferred developer in that area," said Des Plaines 3rd Ward Alderman Laura Murphy, chair of the community development committee. "There is no development happening anywhere so for us to spark some interest in that, it's very exciting."
Posted by eric at April 10, 2009 9:23 AM