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March 4, 2010
FOREST CITY ENTERPRISES PRESS RELEASE: Forest City Announces Decision by Saks To Withdraw From Westchester County Mixed-Use Project
Forest City Enterprises, Inc. today announced that it has been notified by Saks Incorporated that the company will not move forward with a Saks Fifth Avenue store at Forest City's mixed-use development, Westchester's Ridge Hill, in Yonkers, New York. Saks had previously signed a non-binding letter of intent to locate a store at Ridge Hill.
"This is obviously a disappointment, but we are fully committed to seeing this project become a world-class shopping and entertainment destination," said Rich Pesin, executive vice president of retail development for Forest City Ratner Companies, the New York-based subsidiary of Forest City Enterprises. "Westchester's Ridge Hill is one of the finest retail projects under construction anywhere in the United States, with a great location and tremendous, underserved demographics. We continue to have the support of a variety of premier tenants such as Whole Foods, Cheese Cake Factory, Cinema DeLux, Sephora and Loft, and we have ongoing discussions with other major retailers. We expect to announce additional tenants in the coming months as these discussions are finalized."
NoLandGrab: Perhaps if someone was willing to pay Saks a bribe...
Posted by eric at March 4, 2010 2:21 PM