« NBA's Stern asserts groundbreaking this summer, but he didn't check with the ESDC | Main | Downtown Congestion Calls For Whole New Bus System »
May 7, 2009
Forest City in the News
Cleveland Scene, ON THE OUTSIDE LOOKIN' IN
Forest City used to rule the Forest City, but now, not so much.
Could it be? Sam Miller and the Ratners of Forest City Enterprises are officially out of the inner circle?
A lot has changed since Cleveland’s Uncle Sam had a tidy regular audience with ex-Mayor Mike White and former Plain Dealer publisher Alex Machaskee — back when the public coffers were an open check. White is raising alpacas, Machaskee is retired and Old Sam doesn’t have anybody to talk to anymore.
We tried to calm his nerves. I called him at HQ. He answered his own phone, as usual, then said, “I don’t want to talk about this,” when asked about his waning influence. I should have asked him first how he felt about the official announcement on Monday by Mayor Frank Jackson and County Commissioner Tim Hagan that the city will get a $20 million for the current convention center on Mall B.
Looks like Tower City is going to have to build its own damn brand, with no more help from the taxpayers, and no help from a new medical mart and convention center next door. Nobody even seems to care that Forest City was the first local company approached by Merchandise Mart Properties back more than a decade back. The company has since come out and said, “Suck it, Forest City. We’re going to kick it with Dick Jacobs over on the Mall.”
CoStar Group, AEW Acquires Shops at Grand Avenue for $33.5M
Forest City Ratner Cos. sold the Shops at Grand Avenue in Maspeth, NY, to a subsidiary of AEW Capital Management LP, for $33.5 million, or $335 per square foot. The sale price resulted in a capitalization rate of 7.75 percent.
Posted by eric at May 7, 2009 9:21 AM