August 26, 2009
Forest City in the News
Washington Business Journal, San Juan hires Forest City Washington
Forest City Washington Inc., the local subsidiary of Forest City Enterprises Inc., has won a contract to provide real estate advisory services to the city of San Juan in Puerto Rico.
The company, which is developing the mixed-use waterfront development The Yards in Southeast D.C., announced a month ago that it would advise D.C. on another major Southeast property on the Anacostia River, Poplar Point.
For San Juan, the company will serve as program manager for a 21-block waterfront district to include new housing, offices, hotels, retail, parking, parks and a marina. The 100-acre site includes almost two miles of waterfront and is located east of the Old San Juan district, according to the company.
Cleveland Plain Dealer, Forest City picked as program manager for 21-block waterfront project in Puerto Rico
Forest City, a real estate company based in Cleveland, will provide management services for the project in exchange for fees. The company was selected for the job by the Puerto Rico Department of Economic Development and Commerce and the Puerto Rico Tourism Company. The proposed project could involve homes, a hotel component, offices, retail, parking and public parks, including a marina.
Responding to a tightening on credit for commercial real estate and a near-halt to development nationwide, Forest City largely has shelved new construction in favor of reducing its debt and managing its existing properties. The company has been exploring ways to make money by providing advisory and management services -- rather than putting shovels in the ground.
"We are honored to be selected and extremely excited to provide our full array of development management services for the redevelopment of San Juan's waterfront," said Charles A. Ratner, Forest City president and chief executive officer. "This is precisely the type of project - including elements of urban infill, revitalization and waterfront redevelopment - that Forest City has experience with and does well. This selection also reflects our continued strategic expansion into asset management and third-party advisory services," he added.
Cleveland Plain Dealer, National real estate group to honor Forest City for green building
A Forest City Enterprises Inc. partnership has been tapped to receive a national award for sustainable development of an office building in Albuquerque, New Mexico.
Forest City's project is part of a massive community being developed through a public-private partnership in Albuquerque. The lead developer is Forest City Covington, a joint venture between Forest City Enterprises of Cleveland and Covington Capital Corp. The partners are being recognized for their work on a two-story office building for Fidelity Investments.
The developers aim to have the building certified "Gold" through the U.S. Green Building Council's Leadership in Energy and Environmental Design program. LEED certification, which takes into account factors including energy savings, water use, building materials and interior environment, comes at four levels: Certified, Silver, Gold and Platinum.
RealEstateRama, NAIOP Sustainable Development Award Honors ProLogis and Forest City Covington: Projects to be honored at Development ‘09: The Annual Meeting for Commercial Real Estate, August 25, 2009
Posted by lumi at August 26, 2009 5:02 AM