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Category:  Press » Real Estate

 

Forest City Selected to Lead Transit-oriented Development Project in Downtown Atlanta

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2011-12-03 00:20:01     
Forestcity.net

CLEVELAND, Nov. 30, 2011 -- Forest City Enterprises, Inc. (NYSE: FCEA and FCEB) today announced that its Forest City Real Estate Asset Services subsidiary has been selected by the Georgia Department of Transportation to lead a project team in the development of a new multi-modal transportation hub in downtown Atlanta.

Forest City, which is partnering with Cousins Properties Incorporated and The Integral Group, both based in Atlanta, will be responsible for fee-based master planning for the project, which will be developed on a 119-acre site in the city. Specific responsibilities will also include coordinating planning, engineering and architectural activities, and facilitating stakeholder involvement in the project.

"We are honored to be part of the team selected for this project," said David J. LaRue, Forest City Enterprises president and chief executive officer. "This engagement will leverage our expertise in transit-oriented development, as well as our experience in building effective public-private partnerships that make large, transformational projects such as this possible."

Emerick J. Corsi Jr., president of Real Estate Asset Services for Forest City, added, "This will be one of the largest transit-oriented developments in the country. We envision a project that combines residential, office, retail and recreational components to energize and connect downtown Atlanta. We look forward to working closely with the Georgia Department of Transportation and other stakeholders."

To be located in the long underutilized "Gulch" area near Philips Arena, the Georgia Dome and World Congress Center, the project will connect the Metropolitan Atlanta Regional Transit Authority's rail and bus lines, as well as other regional bus systems and rail networks. It will also be a catalyst and hub for future transportation functions, including commuter rail, local light rail, regional high-speed rail and streetcars.

Forest City's experience with large, mixed-use, transit-oriented development includes The Avenue at Tower City Center in Cleveland, Atlantic Center in Brooklyn, and Westfield San Francisco Centre in San Francisco.

About Forest City

Forest City Enterprises, Inc. is an NYSE-listed national real estate company with $10.7 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.

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 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, 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 its 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.

Specialized in: Management
URL: http://www.forestcity.net
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