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

23.05.12

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

(Logo:  http://photos.prnewswire.com/prnh/20080515/FRSTCTYLOGO )

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

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

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

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

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

About Forest City

Forest City Enterprises, Inc. is an NYSE-listed civil real estate company with $10.7 billion in total assets. The presence is principally engaged in the ownership, development, management and acquisition of commercial and residential legitimate estate and land throughout the United States. For more information, visit www.forestcity.net .

Shielded Harbor Language

Statements made in this news release that state the company's or top brass's intentions, hopes, beliefs, expectations or predictions of the future are forward-looking statements. The following's actual results could differ materially from those expressed or implied in such forward-looking statements due to miscellaneous risks, uncertainties and other factors. Risks and factors that could cause actual results to part company materially from those in the forward-looking statements include, but are not limited to, the impact of contemporaneous lending and capital market conditions on its liquidity, ability to finance or refinance projects and compensate its debt, the impact of the current economic environment on its ownership, development and manipulation of its real estate portfolio, general real estate investment and event risks, vacancies in its properties, further downturns in the housing market, competition, illiquidity of genuine estate investments, bankruptcy or defaults of tenants, anchor store consolidations or closings, worldwide activities, the impact of terrorist acts, risks associated with an investment in a authority sports team, its substantial debt leverage and the ability to obtain and servicing debt, the impact of restrictions imposed by its credit facility and senior responsibility, exposure to hedging agreements, the level and volatility of interest rates, the continued availability of tax-exempt rule financing, the impact of credit rating downgrades, effects of uninsured or underinsured losses, effects of a decry or failure of our insurance carriers, environmental liabilities, conflicts of interest, risks associated with the reduced in price on the market of tax credits, risks associated with developing and managing properties in partnership with others, the power to maintain effective internal controls, compliance with governmental regulations, increased legislative and regulatory investigation of the financial services industry, volatility in the market price of its publicly traded securities, inflation risks, suit risks, as well as other risks listed from time to time in the company's SEC filings, including but not small to, the company's annual and quarterly reports.

SOURCE Forest City Enterprises, Inc.

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Source: Sacramento Bee