Updated and corrected: Forest City aims to sell *share* in Site 5 to joint venture, says plans unchanged

Updated and corrected 2 pm: A Forest City spokesman says: Your story interpreted the investor document to mean that FCR is selling site V instead of developing it. In actuality what it means is that FCRT would sell its interest in the property as part of the process for the Joint Venture to develop Site 5 at Pacific Park.

Correction: I got that wrong. I had proceeded under the assumption that Greenland and Forest City were already partners in Site 5, as with the rest of the project, but in this case Forest City must first move the retail project from its books to the joint venture. The plan for a development there is unchanged.

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It's a startling disclosure buried in a document (see Retail Portfolio Overview) just posted for investors by Forest City Realty Trust.

The company--presumably with Atlantic Yards/Pacific Park joint-venture partner/overseer Greenland USA--lists "Atlantic Center Site V" as among "likely dispositions," or sales, even before a giant and likely controversial new project is approved there. That suggests a decision to mitigate risk rather than maximize value.

That property across from Barclays Center and currently home to the low-rise big-box stores Modell's and P.C. Richard, is indeed known to the company as Atlantic Center Site V. But it's better known as Site 5 of Atlantic Yards/Pacific Park. (Site 5 refers to a plot in the Atlantic Terminal Urban Renewal Area.)

Huge new plan

And that's the site where Greenland Forest City Partners (GFCP) has contemplated a giant, two-tower mixed-use complex with more than 1.1 million square feet and potentially rising 785 feet, as I wrote last July for City Limits.