(For more retail coverage, click GlobeSt.com/RETAIL and to read more on the multifamily market, click here.)
CLEVELAND-Locally based Forest City Enterprises Inc. got nods from four different cities for massive mixed-use developments this week. The projects receiving approvals to move forward are the planned $500-million revitalization of the Echo Bay waterfront in New Rochelle, NY; the $152.8-million Shops at White Oak Village in Richmond, VA; a possible 690,000-sf redevelopment in Fresno, CA; and the $226-million Shops at Broad Street in Mansfield, TX.
In New Rochelle, Forest City Residential was tapped as the master developer for a 26-acre site along the Echo Bay waterfront. Details of the redevelopment, which is being planned by architect Peter Calthorpe, are still being finalized. Initial plans call for a mixed-use community with hundreds of residential units and a variety of commercial uses, including shopping, dining and recreation facilities. Key components of the 26-mile redevelopment will be a waterfront promenade and continuous shoreline access. City officials estimate that the project will cost $500 million and that construction will begin in late 2009 or early 2010. The city currently owns 10 acres of the 26-acre project area.
In Virginia, the Henrico Board of Supervisors created a community development authority and a special tax district to pay for $27.5 million in roads and other public facilities at the Shops at White Oak Village. Located at Interstate 64 and Laburnum Avenue, the 917,313-sf retail project will combine the elements of power and retail centers. Construction of the $152.8-million center, which also includes a hotel, is slated to begin in spring 2007 for a 2008 opening.
In Fresno, the local redevelopment agency granted Forest City Commercial Development, West Coast a renewed, 12-month Exclusive Negotiation Agreement for the proposed South Stadium District project. Forest City was named developer for the 85-acre, mixed-use site, which is bordered by State Highway 41, the existing hotel and convention center, Tulare Street and the Union Pacific Railways, in 2005. A new stadium for the Fresno Grizzlies, a minor league baseball team, could serve as the hub of the project, which may include about 690,000 sf of newly constructed and renovated buildings.
Meanwhile, the Mansfield City Council unanimously approved a preliminary $54-million tax incentive program for the Shops at Broad Street. Located at the northeast sector of Highway 287 and Broad Street, the 1.2-million-sf regional, outdoor lifestyle center will feature major anchors, an entertainment component and about 85 specialty stores and restaurants. Forest City Commercial Development, West Coast became a joint venture partner with Texas-based real estate developers Waterstreet Development Partners LTD. and Richard and Nathan Bontke in 2005. A $226-million project, the Shops at Broad Street is part of a 100-acre, mixed-use development that combines retail, residential, office and hotels. Forest City officials could not be reached for comment.
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