FOR IMMEDIATE RELEASE: March 1, 2001	CONTACTS: AT THE COMPANY Thomas G. Smith Exec. Vice Pres. Chief Financial Officer 216-621-6060 Thomas T. Kmiecik Assistant Treasurer
Forest City Takes Off at Stapleton
DENVER – March 1, 2001 -- Denver Mayor Wellington E. Webb and Forest City Enterprises, Inc. jointly announced today the beginning of its mixed-use Stapleton Project in Denver, one of the most ambitious urban redevelopments in the nation. Forest City has signed Wal-Mart, Sam’s Club and Home Depot to be the anchor tenants for a 740,000-square-foot regional retail center – Quebec Square at Stapleton. Stapleton was Denver’s former International Airport, once the fifth busiest airport in the world. Concurrent with the construction of the regional retail center, construction will also begin on more than 800 new homes and 400 apartments in the first phase of the residential development, as well as a “Main Street” neighborhood retail town center. The 150,000-square-foot neighborhood center will be anchored by a 60,000-square-foot grocery store and feature residential above retail. Quebec Square at Stapleton will be under construction this spring with special design features that respond to its urban environment in a new, mixed-use community. The retail center, which takes its name from the street bordering the former airport, is scheduled to open in the summer 2002. “The new commercial and residential neighborhoods here at Stapleton will be based on smart, sustainable development that allows Denver to grow ‘from within’ in a pedestrian-scale community, bringing new jobs, housing, retail and open space to the citizens of Northeast Denver and the entire metro area,” Mayor Webb said. “Many years from now, future generations will look back at this period in our city’s history and regard this as one of those critical moments in which the citizens of Denver had the vision and the resolve to make the most of an unprecedented opportunity to secure our continued place as one of the most livable cities in the nation. It is a tremendous legacy to leave our children.” “We’re delighted with the decision by these retailers to anchor the first major retail component of one of the most ambitious and exciting redevelopments in the nation,” said Greg Vilkin, President of Forest City Stapleton, Inc., the wholly owned subsidiary of Forest City in charge of redeveloping the former airport. “This region of Metropolitan Denver is under-served when it comes to retail. We have no doubt these anchor tenants will enjoy a very strong market response from the neighborhoods around Stapleton.” In February of 2000, Forest City signed a purchase agreement with the City of Denver to redevelop 2,935 acres at the former airport into a mixed-use, pedestrian-scale urban community. In addition, more than 1,100 acres will be developed as parks and open space. Quebec Square, which will be located adjacent to a proposed rail transit center, is laid out on an extension of the adjacent neighborhood’s street grid with additional stores collected along pedestrian-friendly access to existing hotels and residential areas, the United Airlines Flight Training Center and planned office development. Forest City Enterprises, Inc. is a $4 billion NYSE-listed (NYSE: FCEA) and (NYSE: FCEB), real estate company headquartered in Cleveland, Ohio. It is principally engaged in the ownership, development, acquisition and management of commercial and residential real estate throughout the United States. The company's portfolio of property investments includes interests in 15.7 million square feet of leasable space in 41 retail centers, more than 33,000 residential units in 108 apartment communities, 7.2 million square feet in 24 office buildings and nine hotels totaling 3,000 rooms. Forest City’s diversified portfolio is operated by regional offices in New York, Los Angeles, Boston, Tucson, Denver, Washington DC and San Francisco.