So here’s a blog I just discovered, Atlantic Yards Report:
This watchdog blog offers analysis, commentary, and reportage about Forest City Ratner’s planned $4 billion Atlantic Yards project, the largest ever in Brooklyn, to build a basketball arena plus at least 16 high-rise buildings. It follows up on my 9/1/05 report on New York Times coverage of the project and the TimesRatnerReport blog (links below).
The blog has been around since 2006 and has more than 2000 posts. It’s this one from today that came up in a google search I’d done on “plain dealer buyout” (see @chrisseper if you want to follow a bit of that; I spoke with a PD friend this week and heard through two others – it is just bad all around, all around; might be the only thing to get bloggers more vested in journalism though – that’s another post) that caught my eye:
As the stock of Forest City Enterprises (FCE) continued its mind-boggling fall–down nearly 18% yesterday to $3.42, a new low, and 93% for the year–the casualties have begun.
Yesterday, the Columbus Dispatch reported that Bayly Pointe, a project planned for 1000 acres in central Ohio, had been scrapped. Why? A letter from the company cited the poor economy and infrastructure issues.
But the tanking stock has to concentrate the mind. Either Forest City Enterprises is headed for oblivion or it’s a very good buy.
I’m not immune to arguments about the need for a company like Forest City to stay strong for the sake of the region and the people who live here. I know several people who work at Forest City. I don’t wish any of them ill and in fact, knowing them sometimes makes me a bit uncomfortable writing entries like this one.
But I live in a town that is saddled with a little something developed by Forest City called Sterling Lakes which, to the best of my knowledge, has done not one single exemplary thing for our city and continues to be something that causes negative ripple effects throughout the four or so towns around it, mine included.
Many of us – though obviously not enough of us or enough of us who were in elected office and had a final vote – objected to Sterling Lakes from the start. We didn’t want the Porter property sold, we didn’t want it turned into a development and we didn’t want the development to be of homes that would primarily cost upwards of $800,000. Even a few years ago, some of us just knew that this region and the economy would not sustain such a project.
So, I suppose I’m glad tht FCE can see that something like that Baylee Properties would be an absolutely absurd undertaking, but I still sting, as do many of my neighbors, about how the Sterling Lakes project and all that it’s not reaped was pushed on us. I’ve never done an FOIA request for info on what exactly we have “gotten” from the building of that development. Maybe a new year’s resolution.