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March 31, 2012
Forest City execs to investment analysts: arena revenues should stabilize in 2014; open to partner on AY housing (but don't need one), "well-positioned" in NY market for "multifamily products"
Atlantic Yards Report
In a conference call today with investment analysts, Forest City Enterprises executives today didn't reveal much new about the Barclays Center arena, but added a bit of a gloss on details.
Chief Financial Officer Bob O'Brien said company executives had an opportunity to see the arena, calling it "a pretty amazing thing."
..."Can you talk about the residential entitlements at Atlantic Yards," asked analyst Sheila McGrath in the lingo peculiar to those talking about the business of development. Is the company thinking of bringing in a partner?
Matt Messinger, Executive VP at Forest City Ratner, responded: "We’re focusing our efforts at the moment on the towers immediately around the arena, the first three residential towers... Our hope is break ground on that [first] building in the later part of this year. And then, we’re actively in predevelopment on the other towers, as well. That's wort of where our focus is at the moment."
(Note that they've pushed back the groundbreaking date for that first tower, B2, numerous times.)
NoLandGrab: "Actively in predevelopment?" Then we suppose the Nets are "actively in prewinning," Messinger is "actively in preveracity," and when we go to bed tonight, we'll be "actively in preawakening."
Posted by eric at March 31, 2012 11:13 PM