Forest City Fitzsimons Signs Agreement to Develop 160-Acre Life Sciences Park Near Denver
DATELINE: CLEVELAND
today announced that Forest City Fitzsimons, Inc. has signed an agreement with the Fitzsimons Redevelopment Authority (FRA) to develop a 160-acre life sciences office park near Denver. The new park, to be built on the site of the former Fitzsimons Army Medical Center, will include offices and research and development facilities for the life sciences industry. Build-out will occur over the next 20 years or more, with the first buildings expected to be completed by the end of 2008. The Fitzsimons site is located next to the University of Colorados new Health Sciences Center campus and is adjacent to Forest Citys Stapleton mixed-used project. Charles A. Ratner, Forest City president and chief executive officer, said, Fitzsimons is our fifth science and technology development, building on our success at University Park at MIT near Boston, which has been followed by life sciences projects in Baltimore, Chicago and Philadelphia.
Our experience with large mixed-use projects for the life sciences industry will enable us to develop a state-of-the-art office and research campus at Fitzsimons. This project will feature a critical mass of technology companies and is destined to become one of the premier life sciences communities in the nation. Forest Citys track record in developing real estate for the life sciences industry includes the award-winning University Park at MIT, which involved the transformation over two decades of a 27-acre industrial site into a mixed-used community with more than 2.3 million square feet of office and lab space combined with residential, retail and hotel components. In addition, Forest City has completed a 123,000-square-foot research facility at the University of Pennsylvania in Philadelphia, and currently has two other life sciences projects under construction: the 22-acre Illinois Science + Technology Park in suburban Chicago; and a mixed-use community adjacent to the Johns Hopkins University medical campus in East Baltimore, Maryland. Forest City Enterprises, Inc. is an $8.0 billion NYSE-listed national real estate company. Forest City is principally engaged in the ownership, development, management and acquisition of commercial and residential real estate and land throughout the United States. Statements made in this news release that state the Company or managements intentions, hopes, beliefs, expectations or predictions of the future are forward-looking statements. It is important to note that the Companys 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 Companys core markets, reliance on major tenants, the impact of terrorist acts, the Companys substantial leverage and the ability to service debt, guarantees under the Companys 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 Companys SEC filings, including, but not limited to, the Companys Annual Report on Form 10-K for the fiscal year ended January 31, 2006.
Forest City Enterprises, Inc. (NYSE:FCEA) (NYSE:FCEB) today announced that Forest City Fitzsimons, Inc. has signed an agreement with the Fitzsimons Redevelopment Authority (FRA) to develop a 160-acre life sciences office park near Denver.
The new park, to be built on the site of the former Fitzsimons Army Medical Center, will include offices and research and development facilities for the life sciences industry. Build-out will occur over the next 20 years or more, with the first buildings expected to be completed by the end of 2008. The Fitzsimons site is located next to the University of Colorado's new Health Sciences Center campus and is adjacent to Forest City's Stapleton mixed-used project.
Charles A. Ratner, Forest City president and chief executive officer, said, "Fitzsimons is our fifth science and technology development, building on our success at University Park at MIT near Boston, which has been followed by life sciences projects in Baltimore, Chicago and Philadelphia. Our experience with large mixed-use projects for the life sciences industry will enable us to develop a state-of-the-art office and research campus at Fitzsimons. This project will feature a critical mass of technology companies and is destined to become one of the premier life sciences communities in the nation."
Forest City's track record in developing real estate for the life sciences industry includes the award-winning University Park at MIT, which involved the transformation over two decades of a 27-acre industrial site into a mixed-used community with more than 2.3 million square feet of office and lab space - combined with residential, retail and hotel components. In addition, Forest City has completed a 123,000-square-foot research facility at the University of Pennsylvania in Philadelphia, and currently has two other life sciences projects under construction: the 22-acre Illinois Science + Technology Park in suburban Chicago; and a mixed-use community adjacent to the Johns Hopkins University medical campus in East Baltimore, Maryland.
Corporate Description
Forest City Enterprises, Inc. is an $8.0 billion NYSE-listed national real estate company. Forest City 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 Report on Form 10-K for the fiscal year ended January 31, 2006.
CONTACT: Thomas G. Smith, Chief Financial Officer, 216-621-6060Thomas T. Kmiecik, Assistant Treasurer, 216-621-6060ON THE WEB:CONTACT: Forest City Enterprises, Inc. Thomas G. Smith, Chief Financial Officer, 216-621-6060 Thomas T. Kmiecik, Assistant Treasurer, 216-621-6060 ON THE WEB: www.forestcity.net