General Growth Properties, Inc. (NYSE: GGP) and Forest City Enterprises, Inc. (NYSE: FCEA) (NYSE:FCEB) today announced a partnership to develop a master plan for approximately 400 acres southwest of the Dallas North Tollway-U.S. 380 interchange. The development will include shopping, residential, hotel and office.
? Combining Forest City ' s 75 years in the real estate industry and its capabilities in mixed use development with GGP ' s 50 plus years of experience in the shopping mall industry provides the highest level of precision and expertise, ? said John Bucksbaum, chief executive officer for General Growth Properties. ? The retail line-up and dining mix will be stellar as will the mixed-use component. ?
Under the master plan, Forest City Enterprises and GGP will develop a regional open-air commercial and residential center around a waterfront town square park. The shopping center will be approximately 1.5 million square feet with anchor stores, fine dining, entertainment venues, hotel, conference center and a pedestrian-friendly main street lined with specialty stores on the first floor and residences above.
? Developing projects that provide the greatest economic and social value to the communities they serve is consistent with the core values of our company, ? said James A. Ratner, chairman and chief executive officer of Forest City Commercial Group. ? Partnering with GGP on this development is a win-win for everyone. ?
GGP owns and manages Stonebriar Centre located in Frisco, a 1.6-million-square-foot, regional enclosed shopping center, as well as approximately 20 other shopping centers in Texas. Forest City is currently developing three additional Texas properties ? in Mansfield, Dallas and Prosper.
ABOUT FOREST CITY
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. Visit www.forestcity.net for more information.
ABOUT GENERAL GROWTH PROPERTIES
General Growth Properties, Inc. is the second largest U.S.-based publicly traded real estate investment trust (REIT) based upon market capitalization. General Growth has ownership interest or management responsibility for a portfolio of more than 200 regional shopping malls in 45 states, as well as ownership interest in master-planned community developments and commercial office centers. General Growth ' s international portfolio includes ownership and management interests in shopping centers in Brazil and Turkey. The Company ' s portfolio totals approximately 200 million square feet and includes more than 24,000 retail stores nationwide. General Growth Properties, Inc. is listed on the New York Stock Exchange under the symbol GGP. For more information, please visit http://www.ggp.com .
Safe Harbor Language
Statements made in this news release that state Forest City's or management's intentions, hopes, beliefs, expectations or predictions of the future are forward-looking statements. It is important to note that Forest City'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 Forest City's core markets, reliance on major tenants, the impact of terrorist acts, Forest City's substantial leverage and the ability to service debt, guarantees under Forest City'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 Forest City's SEC filings, including, but not limited to, Forest City's annual and quarterly reports.
Forward Looking Statements
This press release contains forward-looking statements, including those which reflect GGP ' s expectations regarding the future. Actual results may differ materially from the future operations suggested by these forward-looking statements, for a number of reasons, including, but not limited to, the retail market, tenant occupancy and tenant bankruptcies, the level of GGP ' s indebtedness and interest rates, market conditions, land sales in GGP ' s Master Planned Communities segment, the cost and success of GGP ' s development and redevelopment projects and GGP ' s ability to successfully manage its growth. Readers are referred to the documents filed by General Growth Properties, Inc. with the SEC, specifically the most recent report on Form 10-K, which further identify important risk factors which could cause actual results to differ materially from the forward-looking statements in this release. GGP disclaims any obligation to update any forward-looking statements.
Forest City Enterprises, Inc.
Nancy McCann
Senior Vice President, Marketing and Public Relations
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or
General Growth Properties, Inc.
Nicole Spreck
Senior Manager, Corporate Communications
312.960.6386