The claim for expenses came after the City Council terminated the redevelopment project as proposed by Forest City Residential—which came after resident protests.
The developers released this statement:
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.
City officials released this response:“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.”