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

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.

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