Forest City is receiving funding through a $42 million Payment-in-Lieu-of-Taxes package--essentially these structures revolve around the government entity selling a bond against the future taxes that will be generated by the development. The Capitol Riverfront Business Improvement District will maintain and program the park after it delivers in mid-2010. Construction will begin in January.
Called the Park at the Yards, the new project will anchor Forest City's ongoing mixed-use development of some 5.5 million sf. The project, which includes some reuse of historic buildings, includes 2,800 residential units--both rental and for sale, 1.8 million-sf of office and 400,000-sf of retail and restaurant.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
