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David LaRue and Chuck Ratner of Forest City Enterprises on their role in revitalization and real-estate development.
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So we outlook Times Square -- -- renovated theaters and huge hotels but it wasn't always that way.
Crime and pornography shops used to be the way of the world there but.
Thanks -- Cleveland real estate developer Times Square was -- -- let's claimant is live in Cleveland with the chairman -- -- Other -- slammed the -- -- and brought Glen -- please explain.
That's right the -- center at when they decided they wanted to do that project they came here to Cleveland and Forest City Enterprises.
But this is just one of many projects where.
This organization this business has revitalized many areas around America -- the heart of Cleveland to -- we are proud to be joined by the chairman and CEO.
Both of up for a city we've got the chairmanship Rattner and David love rue the CEO of forest city at at you know -- -- This is great because right over my shoulder here is terminal tower.
Which you revitalized as well many years ago.
How's that doing you know let's get to occupancy rates regular phone at one desirable Elizabeth Edwards -- -- that -- -- -- it.
Well.
Carol towers.
Reflective of the marketing Cleveland in general it's.
That depending on demand from business so it's in the mid eighties.
Bits and 80% occupancy.
The edition of the casinos really help the retail that's part of power Citi senator.
In the parking in the people that come as a result of that new attraction.
I think is the new convention center opens up we expect.
Cleveland to continue to have good momentum -- the terms of pocket.
-- -- now let's broaden the picture.
And go to Brooklyn and park place on her talk about that project and it was not an easy one comment -- -- affair with that in these when covering this it's been.
A long journey but you know we've been in Brooklyn now over twenty years.
And this whole.
Our whole enterprise effort in New York City.
Together with our partners originally and our our team in New York.
Has done a wonderful job it's almost a third of our company today and we've been a part of the Renaissance of Brooklyn that we feel really good about that.
Barkley -- -- part of that and I think what it is indicative of I'd just like tower city is the ability of real estate.
To play a role in real estate development to play a role in were -- we were talking about.
The financial height of it nagging first of all 2000 -- what was it like back then -- it.
Well worst recession not since that if the depression and it affected.
I think everybody's portfolio so occupancies drop.
Rents dropped retailers -- closing stores.
Office buildings stop this tendency for contracting.
And that was all -- direct reflection of the world's financial crisis.
-- about today -- It's coming back for shortly coming back for sure you know the apartment business.
Which is a major part of our portfolios very strong today -- all over the country strong right here in Cleveland.
Over 90% occupancy in downtown Cleveland and small markets.
Core markets for us like -- New York City Washington.
California occupancies are very strong but it's true and all the segments off big -- -- -- right now is the jobs numbers that came out unemployment drops to seven point 8% job creation of about a 1141000.
What do you think about that.
I think it should be its an indication of just what we know it's a recovery and -- -- a lot slower than we all had hoped it would be.
But we've certainly come up off the bottom and we are starting to create opportunities in.
It's starting to happen it's gonna continue to be slow but I think it's it's pretty well entrenched.
David what projects for fourth city are you most excited about right now.
We are very excited about our Atlantic yards project.
We've opened Barkley center which was just the beginning what Atlantic yards is going to be.
On December 18 of this year we're gonna break ground daughter first residential tower.
In Washington DC the arts project.
We have two buildings under construction.
Getting ready to start third.
Will be mixed use -- -- -- in the base and apartments above.
And Stapleton.
Which is a great project force continues to be.
As we finish up truck -- as much of the apartments has the rent bubble burst.
And -- -- -- bubble -- is that is that yes yeah yeah.
No I I think that the other department business are strong and rents are continuing to recover and go up.
They're just now getting back to where they were before the recession -- -- interest rates are so lower people that -- more.
No we haven't seen that yet our -- business and by the way the whole industry is very strong it.
-- people are still choosing to rent rather than.
We have some ways to go figure always -- Cleveland this day we are where our home been good to us we hope -- good.
I would think said the stock which is forest city -- shares at CE dot day up 16%.
Year over year not that gentlemen thank you so much for joining us.
Here exclusively shut Brenner David -- -- Forest City Enterprises you know you look at the backdrop here.
Of Cleveland so much of it has the forest city -- premature audit but nationwide.
It's a good bet if you -- -- a big city forest city has something to do with that -- -- back to you guys coming up great guests throughout the session on the day.
And don't miss 3 PM eastern at James Hambrick of Lubrizol -- business so good here in Cleveland.
Warren Buffett bought it right out from under --
