Tuesday, May 14, 2013

WSJ on Forest City's Seward Park bid: not just Met Council but Henry Street, plus a page from New Domino

On its bid for the Sunset Park Urban Renewal Area (SPURA), Forest City Ratner is joining forces not just with the Metropolitan Council on Jewish Poverty but the other heavyweight social services organization on the Lower East Side, the Henry Street Settlement.

And that's not all. Taking a page from Two Trees Development's New Domino Plan in Williamsburg, Forest City is promising a hefty amount of newfangled office space, leased to startup and tech businesses. The Wall Street Journal yesterday reported We Work Joins Seward Bid:
Last week, developer Forest City Ratner Cos. included plans for an approximately 400,000-square-foot WeWork headquarters facility in its bid to develop a series of buildings that include retail and below-market rate housing at Seward Park, which is owned by the city, [WeWork's] Mr. [Adam] Neumann said.
Other developers vying for the site include the Related Cos., a team of L&M Development Partners and BFC Partners, and a venture of AvalonBay CommunitiesInc. and Jonathan Rose, people familiar with the bids have said. The city is expected to chose a winning bidder by the end of the year. 
If Forest City's team prevails, Henry Street would move its workforce development program to the new office space.

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