Forest City Purchases High-Technology Business Campus Near Chicago.CLEVELAND -- Forest City Enterprises, Inc. (NYSE NYSE See: New York Stock Exchange :FCEA FCEA Federal Contested Elections Act )(NYSE:FCEB FCEB Fingal County Enterprise Board (Ireland) ) today announced the Company has purchased and will redevelop a 28-acre technology and research park in Skokie, Illinois, to be called the Illinois Technology Innovation Campus. Forest City is planning to redevelop the site, acquired from Pfizer Inc., into a high-technology research and office park. The project, which is to be developed over the next five to 10 years, will be geared toward firms in the rapidly growing fields of nanotechnology and life sciences. The site currently includes 1 million square feet of research and office space in nine buildings. Forest City plans to renovate or redevelop four of the existing structures, totaling 674,000 square feet of space. The remaining structures will be demolished to make way for new research and office facilities totaling 326,000 square feet of space. Construction is expected to begin in 2005. Under a public-private partnership Public-private partnership (PPP) describes a government service or private business venture which is funded and operated through a partnership of government and one or more private sector companies. These schemes are sometimes referred to as PPP or P3. agreement, the local community is establishing a special financing district to provide public support for the project. City officials estimate that the new park will add as many as 3,000 jobs to the local economy. Charles A. Ratner, president and chief executive officer of Forest City Enterprises, said, "We are pleased to have the opportunity to work with local and state officials to transform the former Pfizer site in Skokie into a high-technology research and office park. This project demonstrates our commitment to growth markets such as Chicago, and our ability to develop office and research campuses to serve the life sciences and other high-technology industries." The development of high-technology office campuses is a core competency A core competency is something that a firm can do well and that meets the following three conditions specified by Hamel and Prahalad (1990):
http://upenn.edu/. Address: Philadelphia, PA, USA. . In addition, Forest City has been selected as the lead developer for a mixed-use community adjacent to the Johns Hopkins University Johns Hopkins University, mainly at Baltimore, Md. Johns Hopkins in 1867 had a group of his associates incorporated as the trustees of a university and a hospital, endowing each with $3.5 million. Daniel C. medical campus in East Baltimore. Other Forest City projects in the Chicago area include the 80-acre Central Station project, the city's largest residential real estate project; and the million-square-foot Bolingbrook Town Center open-air regional lifestyle center, which is currently under construction. Corporate Description Forest City Enterprises, Inc. is a $7.2 billion NYSE-listed real estate company headquartered in Cleveland, Ohio. The Company is principally engaged in the ownership, development, acquisition and management of commercial and residential real estate throughout the United States. The Company's portfolio includes interests in retail centers, apartment communities, office buildings and hotels in 19 states and the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). . Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. 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 An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. risks, 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 Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended January 31, 2004. |
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