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Forest City Announces Redevelopment Agreement for Historic Presidio Building in San Francisco

Posted on: Wednesday, 2 May 2007, 18:00 CDT

Forest City Enterprises, Inc. (NYSE:FCEA)(NYSE:FCEB) today announced that it has signed an agreement with the Presidio Trust to redevelop a former public health service hospital in the Presidio of San Francisco into an apartment community. The Presidio Trust was established in 1996 to manage the Presidio of San Francisco, an historic, former army base located at the foot of the Golden Gate Bridge and now a national park.

The Forest City development will create up to 161 residential units. The historic buildings on the site will be rehabilitated and the non-historic wings of the main hospital building will be removed to make way for new construction. Forest City intends to use sustainable practices and materials for the project and will seek the Green Building Council's Silver Certification for Leadership in Energy and Environmental Design (LEED). The main hospital was closed in 1981 and has been empty awaiting rehabilitation.

Charles A. Ratner, president and chief executive officer of Forest City Enterprises, said, "The Presidio is a national treasure, an ideal project for Forest City to use our adaptive re-use/historic preservation experience. By restoring historic landmarks, and converting them into vibrant housing and neighborhoods, we are helping to preserve America's heritage. Sustainability is also very important to our organization. Guided by this core value at the Presidio, we are committed to development that fosters sensitivity to the site, reduces resource consumption and minimizes the project's environmental footprint."

Corporate Description

Forest City Enterprises, Inc. is a $9.0 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.

Safe Harbor Language

Statements made in this news release that state the Company or management's intentions, hopes, beliefs, expectations or predictions of the future are forward-looking statements. It is important to note that the Company's actual results could differ materially from those projected in such forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, real estate development and investment risks, economic conditions in the Company's core markets, reliance on major tenants, the impact of terrorist acts, the Company's substantial leverage and the ability to service debt, guarantees under the Company's credit facility, changes in interest rates, continued availability of tax-exempt government financing, the sustainability of substantial operations at the subsidiary level, significant geographic concentration, illiquidity of real estate investments, dependence on rental income from real property, conflicts of interest, competition, potential liability from syndicated properties, effects of uninsured loss, environmental liabilities, partnership risks, litigation risks, risks associated with an investment in a professional sports franchise, and other risk factors as disclosed from time to time in the Company's SEC filings, including, but not limited to, the Company's annual and quarterly reports.

Source: Business Wire

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