Forest City Realty Trust sells key Flats land
Crain’s Cleveland Business | by Stan Bullard
A Scranton peninsula property with views of downtown where Forest City Realty Trust Inc. (NYSE: FCE.A) once discussed launching a 1,500-unit residential complex is the latest property shed by the Cleveland-based real estate developer.
Cuyahoga County land records show Forest City on Tuesday, Aug. 1, deeded the 20-acre site to EWAT Holdings LLC, which purchased the property with $5 million in loans.
Jesse Grant, a Cleveland-based townhouse developer in Tremont, signed the mortgage on behalf of EWAT. Through various partnerships, Grant has produced several eye-catching townhouse projects, including Tremont Black at West 10th Street and Fairfield Avenue.
Selling the Scranton site fits with Forest City’s massive makeover during the last few years, in which it has shed multiple lines of business such as residential land development and properties from hotels to shopping centers. Those investments don’t fit its focus on mixed-use projects in 10 major U.S. markets. Its hometown is not one of those, as it lacks the growth potential and higher rents of stronger economies in bigger cities.