CLEVELAND, May 20, 2011 /PRNewswire/ -- Forest City
Enterprises, Inc. (NYSE: FCEA and FCEB) today announced the
creation of a public/private partnership with the City of Frisco, located in the North Dallas market, for the long-term
development of a 320-acre, mixed-use project known as Frisco North.
(Logo: http://photos.prnewswire.com/prnh/20080515/FRSTCTYLOGO
)
The company, through its Forest City Commercial Development
subsidiary, has entered into a Memorandum of Understanding with the
city and the Frisco Community Development Corporation for the
project, which is expected to include retail, residential, office,
entertainment and hospitality components, as well as open space,
public parks and municipal uses. Forest City is partnering on the
development with Ernest Mahard, Jr.,
the land owner.
"We are privileged to be working with the City of Frisco on this exciting development,"
said Brian Ratner, president of
Forest City Texas. "Public/private partnerships are what drive
large-scale, transformational projects like Frisco North, and we applaud the city leaders
for their vision. We believe this project will bring together
the city's vision with Forest City's expertise in mixed-use
'place-making' to deliver significant social and economic value to
the community and its stakeholders."
"This project is the culmination of many years of visioning and
hard work, and we're very excited to forge a new, public/private
partnership with Forest City," said Frisco Mayor Maher Maso. "Frisco
North will serve as an economic catalyst for quality
development in the northern part of our city and further enhance
Frisco's growing reputation as a retail and entertainment
destination."
According to U.S. Census Bureau statistics, Frisco was the
fastest-growing city in the country over the decade of 2000 to
2009, and has been recognized by Money magazine as one of
the top 100 places to live in the United
States.
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
http://www.forestcity.net.
Safe Harbor Language
Statements made in this news release that state Forest City
Enterprises' or Forest City 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 its liquidity, ability to finance or
refinance projects and repay its debt, the impact of the current
economic environment on its ownership, development and management
of its real estate portfolio, general real estate investment and
development risks, vacancies in its 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, its substantial debt leverage and the
ability to obtain and service debt, the impact of restrictions
imposed by its 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, 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 its publicly traded securities, 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.
www.forestcity.net
SOURCE Forest City Enterprises, Inc.