CLEVELAND—Forest City Enterprises, Inc., has just provided an update on its negotiations to sell three of its remaining properties at Tower City Center in downtown Cleveland. It also plans to joint-venture the retail component of the complex. The center was at one time the Cleveland Union Terminal, but its several buildings now include the landmark Terminal Tower, a shopping mall, hotels and a casino.
The company was finalizing negotiations with a prospective buyer, but they were unable to reach a deal, and, as a result, the two have agreed to terminate the purchase and sale agreement for the assets.
"We're disappointed that after lengthy negotiations, we were not able to reach a final agreement with the prospective buyer," says David J. LaRue, Forest City president and chief executive officer. "We've owned and operated Tower City Center since redeveloping it as a pioneering urban, mixed-use complex more than 20 years ago. We continue to believe in the quality of these assets, particularly with the resurgence of downtown Cleveland over the last several years."
Since 2011, the metro area has seen $5.5 billion in new healthcare, hospitality, multifamily, office, industrial and retail development. Major projects include downtown's new 422,000-square-foot Global Center for Health Innovation, several major hotels, and over 1,000 downtown apartments, now almost 100% occupied.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
