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Forest City Celebrates Grand Opening of The Shops at White Oak Village

October 13, 2008

CLEVELAND, Ohio, Oct. 13 /PRNewswire-FirstCall/ — Forest City Enterprises, Inc. today celebrated the grand opening of The Shops at White Oak Village, an 800,000-square-foot retail center in Henrico County near Richmond, Virginia.

(Logo: http://www.newscom.com/cgi-bin/prnh/20080515/FRSTCTYLOGO )

The center, located at the intersection of Interstate 64 and Laburnum Avenue, is anchored by JCPenney, Lowe’s, Sam’s Club and Target, among others, and also features numerous specialty shops and restaurants, as well as open leisure space.

“The Shops at White Oak Village will serve an attractive and underserved market in eastern Henrico County and offers a unique combination of power center and lifestyle center sensibilities,” said Charles A. Ratner, Forest City president and chief executive officer. “It is opening at nearly 90 percent leased with great retailer and community enthusiasm, and demonstrates that quality projects in good locations continue to generate excitement and support, even in challenging economic times.”

Construction of the center, located on a 136-acre site of a former manufacturing facility, featured extensive recycling of on-site materials during the demolition phase, including approximately 77,000 tons of concrete that were crushed and re-used for foundations, sidewalks and structural supports. In addition, approximately 7,500 tons of ferrous and non-ferrous metals from the site were also recycled.

Forest City developed The Shops at White Oak Village in partnership with Pruitt Associates, LLC, a family-owned development company that specializes in commercial, residential and retail development in the Richmond area.

About Forest City

Forest City Enterprises, Inc., is a $10.9 billion NYSE-listed national real estate company. The Company is principally engaged in the ownership, development, management and acquisition of commercial and residential real estate and land throughout the United States.

Photo: http://www.newscom.com/cgi-bin/prnh/20080515/FRSTCTYLOGOPRN Photo Desk, photodesk@prnewswire.com

Forest City Enterprises, Inc.

CONTACT: Robert O’Brien, Executive Vice President, Chief FinancialOfficer, or Thomas Kmiecik, Assistant Treasurer, or Jeff Linton, VicePresident, Corporate Communication, +1-216-621-6060, all of Forest CityEnterprises, Inc.

Web site: http://www.forestcity.net/




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