Forest City Drops Demand for $2 Million from New Rochelle

27 Feb, 2014

By Polly Kreisman

Artist's rendering of Echo Bay shoreline restoration.

Artist’s rendering of failed Echo Bay project


Earlier this month, Forest City Residential demanded $2 million from the City of New Rochelle in connection with the failed Echo Bay project. 


A Demand Letter (courtesy New Rochelle Talk) claims Forest City spent $3.2 million on legal, consulting and lobbying fees in connection with the project, and demanded reimbursement of $2 million, citing “willful misconduct.” 


Now it appears the two sides have made up.


Statement from Forest City:


While the City of New Rochelle and Forest City Residential have different perspectives about the manner in which the Echo Bay waterfront redevelopment concluded, we have agreed together that the interests of both parties are best served by moving forward.  Accordingly, we are today setting aside our claim for expenses associated with the project.  We wish New Rochelle’s citizens, elected officials and city staff success as the community continues to pursue its goals at the waterfront.   – On Behalf of Forest City Residential Group


 


Statement from City of New Rochelle:


For several years, the City of New Rochelle and Forest City Residential worked in partnership to revitalize the Echo Bay waterfront.  During this process, New Rochelle developed great regard for the professionalism and creative vision of the Forest City team.  New Rochelle recognizes Forest City’s significant investment in the Echo Bay site and is, therefore, grateful for Forest City’s decision to set aside its claim for expenses.  New Rochelle and Forest City’s partnership at Echo Bay began in a spirit of mutual respect, and it now concludes in that same spirit.
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