No Land Grab: Forest City To Divest its Land Business, Some Retail
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Forest City To Divest its Land Business, Some Retail
The Great Recession Ends 60-Year Involvement in Land Development
CoStar Group
by Mark Heschmeyer
After starting out in the land development business 60 years ago, Forest City Enterprises Inc. will reposition or divest its land holdings and is actively reviewing alternatives to do so.
Instead, Forest City is launching a new, four-year strategic plan that will focus its business on its core rental products - apartments, office and retail - in its core markets of New York, Washington DC, Boston, Dallas, Los Angeles, San Francisco and Denver. Not included in that list of core markets is Forest City's home base, Cleveland, OH.
The land business buys and sells raw land, develops subdivisions and sells lots to homebuilders. Forest City's land portfolio consists of approximately 35 active projects primarily located in the Southwestern U.S., Texas, the Carolinas and Ohio. As of the end of the third quarter, Forest City listed its value at around $340 million.
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Posted by eric at February 9, 2012 9:47 AM
Source: http://www.nolandgrab.org/archives/2012/02/forest_city_to_6.html
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