If you have not had the pleasure of meeting Charles Ratner - you should! Mr Ratner is the CEO of Forest City Enterprises in Cleveland, Ohio. (Forest City is the company that redeveloped Tower City and the Court House in downtown Cleveland but have development all over the country and the world – click here for their website) I thought this article was interesting and definitely worth sharing:
Cleveland Crains/ Stan Bullard reports:
Despite downbeat times for real estate ownership and development, Forest City Enterprises Inc. (NYSE: FCE) president and CEO Charles Ratner took the long-term view to find reasons for optimism this morning when he addressed a “Deal Maker Forum” co-sponsored by Ulmer & Berne LLP and Inside Business magazine.
Two reasons for optimism: the nation's population will continue to grow by about 3 million people annually the next few years if it does not adopt restrictive immigration policies, and aging buildings nationwide will need to be replaced. Both will create opportunities for real estate development, especially in cities, Mr. Ratner said.
Part of the reason he describes himself as an optimist, Mr. Ratner joked, is because Forest City's stock price has rebounded. The stock stood at $12.60 a share at mid-day today, which is up from a 52-week low of $3.26, though it remains below its high of $20.55.
Speaking of the outlook for Forest City's hometown, Mr. Ratner said the recession has produced a rare decline in moves between states by individuals that provides an opportunity for Northeast Ohio. If the region can retain young people with attractive environments, jobs and start-up companies, he said, it might be able to retain more talent than in healthier economic times.
As Mr. Ratner recounted some of Forest City's developments that have taken years to come to fruition — from Metro Tech Center in Brooklyn, N.Y., to University Park at MIT in Boston — he observed that he hopes several Cleveland initiatives succeed, from the proposed medical merchandise mart and convention center to redevelopment of the lakefront.
“I'm upset we didn't get” the medical mart at Forest City's Tower City Center, Mr. Ratner said in reference to Cuyahoga County's decision to put the big project at the existing convention center site in downtown Cleveland. “We deserved it. That is history.” Still, he added, “If Cleveland succeeds with the convention center and casinos, I'll be really happy it went elsewhere. Tower City Center will be more valuable.”
He said Forest City is urging its employees to support state Issue 3, the casino gambling initiative on the November ballot, and Issue 6 in Cuyahoga County, which would reorganize county government. Cleveland Cavaliers owner Dan Gilbert proposes putting a Cleveland casino on land owned by Forest City if Issue 3 passes. As Mr. Ratner recounted some of Forest City's developments that have taken years to come to fruition — from Metro Tech Center in Brooklyn, N.Y., to University Park at MIT in Boston — he observed that he hopes several Cleveland initiatives succeed, from the proposed medical merchandise mart and convention center to redevelopment of the lakefront.
“I'm upset we didn't get” the medical mart at Forest City's Tower City Center, Mr. Ratner said in reference to Cuyahoga County's decision to put the big project at the existing convention center site in downtown Cleveland. “We deserved it. That is history.” Still, he added, “If Cleveland succeeds with the convention center and casinos, I'll be really happy it went elsewhere. Tower City Center will be more valuable.”
He said Forest City is urging its employees to support state Issue 3, the casino gambling initiative on the November ballot, and Issue 6 in Cuyahoga County, which would reorganize county government. Cleveland Cavaliers owner Dan Gilbert proposes putting a Cleveland casino on land owned by Forest City if Issue 3 passes.
Fabulous!
