|
Thursday, August 09, 2007
Radford Terrace Neighborhood Completed 10 Months Ahead of Schedule, Commemorated by Congressman
Forest City marked the successful completion of its Radford Terrace project for the U.S. Navy on Thursday, August 9, 2007—ten months ahead of schedule. The traditional maile lei untying ceremony was attended by U.S. Congressman Neil Abercrombie, Forest City representatives, Navy officials, and the workers who contributed to the early completion of the project.
Forest City's Radford Terrace project is part of its Public-Private Venture (PPV) with the Department of the Navy to provide affordable, quality, private housing for service members and their families in Hawaii. Started in May 2004, the demolition and rebuilding of Radford Terrace consists of 302 three- and four-bedroom duplex units for junior enlisted personnel; tot and play lots; and a basketball court. Each of the new homes is more than 2,000 square feet and features an enclosed two-car garage, central air conditioning, high ceilings, walk-in closet, energy-efficient windows, solar water heaters, and private fenced yards.
Abercrombie, called the “acrchitect” of this country’s PPV military housing initiatives by Forest City Military Communities Senior Vice President Jon Wallenstrom, spoke of the reasons and rationale that motivated him to pursue better housing options for military families more than 15 years ago.
“It was not going to be possible for us to have volunteer armed forces and provide the kind of housing and quality of life that would be required—not just to recruit individuals—but to retain families,” he said. “You recruit individuals but you retain families. And I guarantee you when families come into this housing (Radford Terrace), they’re going to think: ‘This can’t possibly be for us’.”
He added, “When people are deployed overseas, as a result of the policies of our nation, they can be confident and sure, that their families are in safe neighborhoods and in housing they can be proud of.”
Abercrombie said housing had traditionally been marginalized in budget sessions for more high profile items such as weapons systems and deployments, and as a result left military families in substandard home conditions. He said he collaborated with legislators to brainstorm ideas on how to improve military housing. “So we wrote legislation that made that possible, and this (Radford Terrace) is the result today,” he said.
Built in four separate phases, the first homes were completed for occupancy in June 2005 and the final home was ready for occupancy late last month.
"The early completion of Radford Terrace is a momentous accomplishment for Forest City," said Wallenstrom. "We're well on our way to fulfilling our mission to provide high-quality military housing and residential communities that enhance quality of life and family well-being."
Radford Terrace is just one of 30 neighborhoods being developed by Forest City under the PPV. In addition to all planning, financing, construction and renovations, Forest City also provides ongoing operations and maintenance for the properties and residential communities.
About Forest City Enterprises, Inc.
Forest City Enterprises, Inc. is a $9.2 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.
CONTACT: Forest City Enterprises, Inc.
Thomas G. Smith, Executive Vice President,
Chief Financial Officer, 216-621-6060,
or
Thomas T. Kmiecik, Assistant Treasurer, 216-621-6060
or
On the Web: www.forestcity.net
SOURCE: Forest City Enterprises, Inc.
|
