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Owner of downtown Dallas' Wilson Building sues Headington over project next door (7/08/15)
By ROBERT WILONSKY
Forest City Enterprises, owners of several landmark downtown buildings, is suing developer Tim Headington over plans to build a luxury retailer next to the Wilson Building.
The suit, filed Wednesday in Dallas County, says Headington Realty & Capital’s proposed new home for Forty Five Ten on Main Street will “block almost entirely the air, light and view” in at least eight west-facing units in the Wilson Building, making them worthless to would-be tenants.
Forest City, which also converted the vacant Mercantile Bank Building into apartments, wants Headington to keep Forty Five Ten at least 20 feet from the Wilson Building. The structure has been on the National Register of Historic Places since 1979.
In May, Headington unveiled plans to the city’s Urban Design Peer Review Panel. The panel didn’t find fault with the proposed new home of Forty Five Ten, which will replace two century-old buildings along Main Street razed by Headington in September. But no one on the panel asked about its proximity to or impact on the Wilson Building. That quickly became an issue after the meeting.
City officials have been working for weeks with Forest City and Headington representatives to work out a compromise. Last month, Karl Zavitkovsky, head of the city’s Office of Economic Development, said a meeting had been called by council member Philip Kingston.
Zavitkovsky said Wednesday that he thought a resolution was being worked out and was surprised to hear about the lawsuit.
“The city is not taking sides,” he said. “They’re both big boys. They’ll figure it out.”
Headington’s attorney, William A. Brewer III, said in a statement that “the lawsuit grossly mischaracterizes the facts related to this project.”
“The project, which has enjoyed widespread support from many city leaders and community stakeholders, brings a significant new business to the downtown district,” he said in the statement.
Brewer said Headington’s attempts to work with Forest City had been rebuffed.
“We believe the release by Forest City of a professional video in conjunction with the filing of the lawsuit should be viewed as what it is — a desperate attempt to disparage Headington and to extract value to which Forest City is not entitled,” he said.
Forest City senior vice president Jim Truitt said a few weeks ago that talks had taken place and officials believed a deal had been reached. Under the plan, Headington would agree to lease the units for 10 years.
“Our response was all that does is kick the can down the road,” he said. Truitt said they also discussed Headington paying for a redo of the eight affected units so that each living room would at least have a view.
But those talks fell apart, and Truitt said last month a lawsuit was an option.
Wilson Building
Proposed Forty Five Ten on Main Street
http://www.dallasnews.com/news/metro/20150708-wilson-building-owner-files-suit-against-main-street-neighbor-to-be.ece
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Forest City Enterprises
1100 Terminal Tower
50 Public Square
Cleveland, OH 44113-2203
Phone: 216-621-6060
Forest City Enterprises, Inc., founded in 1920 and publicly traded since 1960, is principally engaged in the ownership, development, acquisition and management of commercial and residential real estate in 27 states and the District of Columbia. A NYSE-listed real estate company (NYSE: FCEA and FCEB), based in Cleveland, Ohio, its portfolio includes interests in retail centers, apartment communities, office buildings and hotels throughout the United States. The core markets include the New York City/Philadelphia metropolitan area, Denver, Boston, the Greater Washington D.C./Baltimore metropolitan area, Chicago and the state of California. The Company has offices in Albuquerque, Boston, Chicago, Denver, London (England), Los Angeles, New York City, San Francisco, Washington, D.C. and the Company’s corporate headquarters in Cleveland, Ohio. The Company’s portfolio of real estate assets is diversified both geographically and among property types.
Class A Common
Forest City Enterprises Inc., 7.375% Senior Notes due 2034
[img]www.profitspi.com/stock-chart-str.aspx?id=FCY&ca=1537859634[/img]
Forest City Enterprises Inc., 7.375% Senior Notes due 2034, issued in $25 denominations, redeemable at the issuer's option on or after 2/10/2009 at $25 per share plus accrued and unpaid interest, maturing 2/01/2034, distributions of 7.375% ($1.84375) per annum are paid quarterly on 2/1, 5/1, 8/1 & 11/1 to holders of record on 1/15, 4/15, 7/15 & 10/15 respectively. Units are expected to trade flat, which means accrued interest will be reflected in the trading price and the purchasers will not pay and the sellers will not receive any accrued and unpaid interest. The Notes are unsecured and unsubordinated obligations of the company and will rank equally with all existing and future unsecured and unsubordinated indebtedness of the company.
