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Forest City Halts Tower Center Sale

CLEVELAND—The company also said it plans to joint-venture the retail component of the complex.

By Brian J. Rogal | Updated on September 21, 2014

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.

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