Forest City Enterprises
 | |
| Public | |
| Traded as |
NYSE: FCE.A NYSE: FCE.B |
| Industry | Property Management |
| Founded | 1920 |
| Founders | Charles, Leonard, Max and Fannye Ratner |
| Headquarters | Cleveland, Ohio , United States |
| Revenue |
 US$978 million(FY 2015)[1] |
|
US$614.8 million(FY 2015)[1] | |
| Total assets |
US$9.9 billion(FY 2015)[1] |
Number of employees | 1,936 full-time and 139 part-time employees (end of 2016[2]) |
| Divisions |
The Commercial Group The Residential Group The Land Development Group |
| Website |
www |
Forest City Realty Trust (NYSE: FCEA, NYSE: FCEB) is an American diversified real estate management and development company based in Cleveland, Ohio, United States.[3] Its portfolio includes interests in retail centers, apartment communities, office buildings and mixed-use projects in the U.S.
History
Forest City was founded as a family-owned lumber and hardware business in 1920[4] by Charles, Leonard, Max and Fannye Ratner. In the 1930s, the company made its first foray into real estate, purchasing lots for commercial development and its first apartment building.
During World War II, the company made pre-fabricated houses for government housing and began building strip malls. In 1955, Forest City began converting its lumberyards, Forest City Lumber, into do-it yourself home stores.
In 1960, Forest City became a publicly traded company. In the 1980s, the company began divesting of its non-core real estate holdings. The company sold its retail lumber business to Handy Andy Home Improvement Center in 1987.[5] They are the second largest holder of real estate in Downtown Cleveland after Optima Ventures, a Miami-based real estate investment firm led by Chaim Schochet and 2/3rd owned by the Privat Group, one of Ukraine's largest business and banking groups.[6]
In a special shareholder meeting on October 15, 2015, Forest City shareholders voted to convert the company from a "C" corporation to an REIT, real estate investment trust, mainly for tax related purposes. The newly reorganized company will maintain its corporate headquarters in Tower City in downtown Cleveland, but the corporate home will be in Maryland, a state whose laws are very complimentary to REITS. [7]
The company sold its interest in Cleveland's Terminal Tower to the K&D Group. It also announced that it will move its physical headquarters to Key Tower, a 57 story structure owned by Millenia Companies. Forest City will lease 147,000 sq.ft.[8]
In 2016, Forest City sold its military housing business unit to Hunt Companies, Inc.[9]
In June, 2017, Forest City shareholders changed the firm’s charter, eliminating the dual share structure that had enabled the founding Ratner family to control the company. Going forward, the company will only offer Class A shares (the Ratners will trade their Class B shares for Class A.) Class A shares offer one vote per share; Class B were worth ten votes. [10]
Projects
Projects developed or under development by Forest City include:[11]
- 8 Spruce Street, also known as "New York by Gehry", is named for its designer, world-renowned architect Frank Gehry.
- Pacific Park, Brooklyn, a mixed-use development in Brooklyn, New York. This project includes Barclays Center, a new home for the Brooklyn Nets, an NBA basketball team owned by Bruce Ratner, Executive Chairman of Forest City's New York City subsidiary.
- Central Station, a primarily residential development on the site of a former railroad terminal in Chicago, Illinois.
- Mercantile Place on Main, a mixed-use urban redevelopment project of a historical office complex in Dallas, Texas.
- Mesa del Sol, planned for 100,000 inhabitants in Albuquerque, New Mexico, is Forest City's largest mixed-use development, co-owned by Covington Capital Partners.
- New York Times Building, a 52-story building designed by architect Renzo Piano.
- Northfield Stapleton is an open-air, 1,200,000-square-foot (110,000 m2) retail town center located at the company's Stapleton International Airport mixed-use redevelopment project in Denver, Colorado.
- Public Health Service Hospital District in San Francisco's Presidio.
- Radian, a 26-story, elegantly curved residential tower in the Financial District of Boston.
- Showcase Mall, a shopping center on the Las Vegas Strip.[12]
- Short Pump Town Center, a massive outdoor mall in Richmond, Virginia.
- Station Square, a 52-acre (210,000 m2) indoor and outdoor shopping, dining and entertainment complex located in Pittsburgh, Pennsylvania.
- Tower City Center, a mixed-use urban redevelopment project that transformed the mostly-vacant Union Terminal building in Downtown Cleveland into a mall, transit, office, and hotel structure.
- University Park at MIT, a mixed-use urban redevelopment project located on an abandoned industrial site near the Massachusetts Institute of Technology in Cambridge, Massachusetts.
- Victoria Gardens, a mixed-use shopping center development in Rancho Cucamonga, California.
- Westchester's Ridge Hill, an upscale, urban open-air shopping center located in Yonkers, New York. The centers primary anchor is luxury department store Lord & Taylor.
- Westfield San Francisco Centre, an upscale, urban shopping center located in San Francisco, California and co-owned and managed by The Westfield Group.
Awards
- 2005 Honor Award from the National Building Museum for revitalization efforts and creation of affordable housing.[13]
- 2005 ULI Award for Excellence for the University Park at MIT project[14]
Associations
Forest City is a member of REBNY.[15]
References
- 1 2 3 "Forest City Enterprises Inc. (FCE-A)". Yahoo! Finance.
- ↑ page 9
- ↑ "Forest City Enterprises Inc". Bloomberg. Retrieved 21 March 2013.
- ↑ "Company Overview". Wall St Journal. Retrieved 4 April 2013.
- ↑ Forest City Enterprises
- ↑ Cleveland Plain Dealer: "The most important guy you've never heard of: Chaim Schochet, 25, builds downtown Cleveland empire" By Michelle Jarboe McFee February 04, 2012
- ↑ Jarboe, Michelle (20 October 2015). "Forest City shareholders approve company's REIT-conversion plan". The Plain Dealer (Cleveland OH). Retrieved 7 December 2015.
- ↑ Bullard, Stan (1 February 2017). "Forest City Trust sets move to Key Center". Crain's Cleveland Business. Crain Publishing. Retrieved 13 June 2017.
- ↑ www.huntcompanies.com (February 24, 2016)
- ↑ Bullard, Stan (12 June 2017). "Forest City shareholders OK changing stock structure". Crains Cleveland Business. Crain Publishing. Retrieved 13 June 2017.
- ↑ Forest City Enterprises
- ↑ Monica Caruso (December 14, 1996). "Showcase hopes to be real thing". Las Vegas Review-Journal – via NewsBank.
- ↑ "A Salute to Forest City Enterprises" (Press release). National Building Museum. 2005-06-01.
- ↑ "University Park at MIT Wins Urban Land Institute's 2004 Awards for Excellence" (Press release). University Park. 2005-01-03.
- ↑ "Member Firms". rebny.com.