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GlobeSt.com EXCLUSIVE: Forest City Plying $100M-Plus CBD Plan

DALLAS-The master craftsman of urban success stories is under contract and pursuing entitlements for the 1.1-million-sf Mercantile and 304,860-sf Continental Building, longtime vacant vintage space. The Forest City vision is 400 to 600 apartments and "festive" retail.

By Connie Gore | Updated on November 17, 2004

DALLAS-Forest City Enterprises Inc. is under contract and pursuing entitlements for roughly 1.4 million sf of longtime vacant vintage space in the Dallas CBD. Though the redevelopment hinges on city assistance, the Cleveland-based master craftsman of urban projects is shooting for a late 2005 construction start.

“The two deals will be over $100 million,” David J. Levey, executive vice president for Forest City Residential Group Inc., tells GlobeSt.com. His plans for the Mercantile complex, four empty buildings with close to 1.1 million sf on one block, and its neighbor across the way, the 304,860-sf Continental Building, call for 400 to 600 apartments and a spattering of gallery-type, specialty retail.

RTKL Associates Inc. of Dallas is working on the design as Levey and team work through a complicated due diligence and continue talks with city officials about contributing to the redevelopment plan. Levey says the goal is to close the sales with Spire Realty of Houston and Glenn Solomon of Dallas by mid-2005.

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