CLEVELAND, April 19, 2011 /PRNewswire/ -- Forest City
Enterprises, Inc. (NYSE: FCEA and FCEB) today announced that its
subsidiary, Forest City California Development, Inc., has been
selected as developer by the Port of San
Francisco for Pier 70's 25-acre Waterfront Site. Pier 70 is
a 69-acre historic marine industrial area on San Francisco's Central Waterfront, located
immediately south of Mission Bay. Plans call for the site to be
redeveloped over a multiyear period to meet the Port's Master Plan
goals for new development, historic preservation, and the creation
of waterfront open space.
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"We're honored to be selected by the staff and Port Commission
for this extraordinary project," said Kevin
Ratner, President of Forest City Development California.
"Transformative urban place-making through public/private
partnerships is our passion as a company. We believe this project
will bring together the past, present and future to create an
economic driver for the city and the Bay Area. The site is
compelling because of its pioneering maritime history, waterfront
location, the public benefits it is expected to generate, and the
opportunity to advance the region's growth economy in a unique
way."
"The Port congratulates Forest City on winning the competition
to develop the Pier 70 Waterfront Site," said Kimberly Brandon, president of the San Francisco
Port Commission. "This milestone represents a tremendous step
forward for the Port by moving us closer to transforming the Pier
70 area into new public uses while preserving its rich maritime
history."
In spring 2010, the Port published its Preferred Master Plan for
Pier 70 after extensive study and community planning. Forest City
will work with the Port to accomplish the goals for the site, which
include a total new development capacity of 2.5 million square feet
with more than 250,000 square feet in additional rehabilitation of
historic structures. Forest City's plan will focus on incorporating
uses that advance the Bay Area's creative economy together with a
mix of high-quality office facilities, open space, and inspiring
public amenities and activities.
Ratner added: "We believe that Pier 70 can become a new model of
how public/private partnership can bring industrial waterfronts
back as leading economic growth and innovation drivers. New
construction will compliment the historic resources of the site,
and new uses, tenants and programs will co-exist symbiotically with
existing maritime functions and infrastructure. All of this
activity is expected to increase the Port's tax base, spur job
creation and deliver significant community benefit."
Forest City's consultants for the project include AECOM,
Architectural Resources Group, Sheppard
Mullin and Holland &
Knight, among others. The development of Pier 70 will be structured
under a master development agreement and long-term lease.
About Forest City
Forest City Enterprises, Inc. is an NYSE-listed national real
estate company with $11.8 billion in
total assets. The Company is principally engaged in the ownership,
development, management and acquisition of commercial and
residential real estate and land throughout the United States. For more information, visit
www.forestcity.net.
Safe Harbor Language
Statements made in this news release that state the Company's or
management's intentions, hopes, beliefs, expectations or
predictions of the future are forward-looking statements. The
Company's actual results could differ materially from those
expressed or implied in such forward-looking statements due to
various risks, uncertainties and other factors. Risks and factors
that could cause actual results to differ materially from those in
the forward-looking statements include, but are not limited to, the
impact of current lending and capital market conditions on our
liquidity, ability to finance or refinance projects and repay our
debt, the impact of the current economic environment on our
ownership, development and management of our real estate portfolio,
general real estate investment and development risks, vacancies in
our properties, further downturns in the housing market,
competition, illiquidity of real estate investments, bankruptcy or
defaults of tenants, anchor store consolidations or closings,
international activities, the impact of terrorist acts, risks
associated with an investment in a professional sports team, our
substantial debt leverage and the ability to obtain and service
debt, the impact of restrictions imposed by our credit facility and
senior debt, exposure to hedging agreements, the level and
volatility of interest rates, the continued availability of
tax-exempt government financing, the impact of credit rating
downgrades, effects of uninsured or underinsured losses, effects of
a downgrade or failure of our insurance carriers, environmental
liabilities, conflicts of interest, risks associated with the sale
of tax credits, risks associated with developing and managing
properties in partnership with others, the ability to maintain
effective internal controls, compliance with governmental
regulations, increased legislative and regulatory scrutiny of the
financial services industry, volatility in the market price of our
publicly traded securities, inflation risks, litigation
risks, as well as other risks listed from time to time in the
Company's SEC filings, including but not limited to, the Company's
annual and quarterly reports.
SOURCE Forest City Enterprises, Inc.