UPDATE: The story's getting bigger. ForestCity also is dropping out of the stalled Gulch project in downtown Atlanta, according to Creative Loafing.
ATLANTA (Jan. 23, 2014) - Big commercial real estate news broke today out of Fort McPherson. Cleveland-based REIT ForestCity informed the group overseeing the redevelopment of the former U.S. Army post that it's dropping out as lead developer of the major redevelopment program.
With ForestCity out of there, MILRA - the McPherson Implementing Local Redevelopment Authority - now has to figure out how to replace a key part of the redevelopment team that includes Cousins Properties. No word yet on whether MILRA will ask Carter, which led the team that finished a close second in the bid, to replace ForestCity.
Here's are key portions of the story from The Atlanta Journal-Constitution, which broke the big story. To read the full story, go to myajc.com.
"One of the three developers involved in the proposed redevelopment of Ft. McPherson is dropping out of the multimillion-dollar project.