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May 30, 2006
FOREST CITY MILITARY COMMUNITIES BREAKS GROUND ON MOST AMBITIOUS NAVY HOUSING PROJECT AT GREAT LAKES IN DECADES
GREAT LAKES, IL – Together with the United States Navy, Forest City Military Communities,
LLC today welcomed community and elected officials to a groundbreaking ceremony launching
the start of construction and renovation of the company’s Navy Great Lakes housing
redevelopment project. Flanked by partners from local and federal governments, Forest City
proudly discussed its vision to build a community for Navy families.
“Forest City Military Communities is honored to partner with the U.S. Navy on this exciting
endeavor and we are proud to service those who serve on our behalf,” said Ron Ratner, President
and CEO of Forest City Residential Group. “The sole purpose of this partnership is to provide a
strong community environment with high-quality homes for deserving Navy families, and it is
both satisfying and rewarding to make this a reality.”
A public/private venture (PPV) with the U.S. Navy, the housing redevelopment project will
include a combination of demolition, renovation and new construction, resulting in a total of
1,658 military family homes at Naval Station Great Lakes and Naval Surface Warfare Center
Crane, and in the Nimitz Village, Halsey Village, Forrestal Village, Fort Sheridan and Glenview
housing areas. Included in the total will be 1,100 homes in the North Chicago housing areas;
209 at Fort Sheridan; 230 at Glenview and 24 in Crane, IN. An additional 95 units will be
relocated from the Fort Sheridan and Glenview sites as a result of reductions there.
The ceremony took place in Forrestal Village in North Chicago, at the site where the project’s
first homes will be built. Made possible by the Military Housing Privatization Initiative, the 50-year
partnership agreement between the U.S. Navy and Forest City will ensure that military
families are provided with high-quality, affordable housing options. The new homes will boast
side-loading garages, top of the line exterior materials, large walk-in closets for master and
secondary bedrooms and fenced-in rear yards, among other amenities. In addition to homes,
Forest City will redesign the neighborhoods to include modern community amenities such as
community centers, green space, meeting facilities, bike trails and swimming pools.
Tom Henneberry, President of Forest City Military Communities, LLC, thanked Congressman
Mark Kirk, Senator Dick Durbin and the Illinois General Assembly for their tireless advocacy on
behalf of this project.
Local officials representing the north-suburban municipalities of Highland Park, Highwood,
Glenview and North Chicago, as well as state and federal legislators were also on hand to share
in the celebration.
“There is no question that we wouldn’t be here today without the steadfast support of our elected
officials,” said Ratner. “The round-the-clock work from our federal and state legislators and the
focused collaboration from local governments guaranteed this day would arrive.”
Northbrook-based Red Seal Homes, which completed the restoration in the Town of Fort
Sheridan, will build the homes and do the rehabilitation of historically-significant buildings.
Pickus Construction is performing the site work. Forest City has also retained MACTEC, an
engineering consulting firm to handle civil engineering and land design.
About Forest City
Forest City Military Communities, LLC, a wholly-owned subsidiary of Forest City Enterprises, Inc.
focuses on developing, managing and maintaining high-quality communities for military members
and their families.
Forest City Enterprises, Inc. is an $8 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.
Contact
Forest City Enterprises, Inc.
Thomas T. Kmiecik, 216-621-6060
www.forestcity.net
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 target 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 Report on
Form 10-K for the fiscal year ended January 31, 2006.
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