FOR IMMEDIATE RELEASE: July 1, 2002	CONTACTS: Tom Gleason (303) 382-1800 Forest City Stapleton, Inc. tgleason@fcdenver.com Susan Elovitz (303) 846-1472 Sanford Homes, A Beazer Homes Company
Sanford Homes Joins Stapleton Homebuilders Latest builder adds another dimension in size and pricing
Denver—Forest City Stapleton, Inc. announced today that Sanford Homes, a Beazer Homes Company, will join the team of homebuilders creating the first residential neighborhood at Stapleton. Denise Gammon, vice president-residential development for Forest City Stapleton, Inc., said the latest builder to be announced will be building higher-end single-family homes starting in the mid $400,000s with an approximate square footage range from 2,800 to 3,200 square feet. To date, home prices in the first neighborhood at Stapleton range from the mid $100,000s to the mid $400,000s, with an approximate square footage that ranges from 1,100 to 2,700 square feet. Ms. Gammon said the homes already being constructed at Stapleton by the seven builders previously announced by master developer Forest City continue to experience a strong demand. “The addition of Sanford Homes adds another range of choices for the homebuyers who have been lining up to purchase homes at Stapleton,” Ms. Gammon said. “We believe Sanford Homes will enjoy the same enthusiastic response our other builders have received from homebuyers who want to live in the mixed-use and pedestrian friendly urban neighborhoods at Stapleton.” Sanford Homes has been building in the Denver area since 1961. Last year the company was acquired by Beazer Homes USA, the nation’s sixth largest homebuilder. Under Beazer’s ownership, Sanford Homes has embarked on a major growth and diversification program that will double the size of the company over the next year. “We are extremely excited about entering the Stapleton community,” said Sanford Homes Division President Peter Simons. “We feel that Stapleton represents the future direction of growth in Denver, as people return to the city in an environment where they can live, work, and play in close proximity. We hope to build homes in Stapleton for years to come.” Under construction now with some homes already occupied, the first residential neighborhood at Stapleton will include the 29th Avenue Town Center, which will open late next year with offices above small retail shops, a 2.5-acre town green, and a 58,000 square foot grocery store. With the addition of one or more workforce housing builders who will be announced in the near future, housing prices in this first phase will range from the high $90s for flats, town homes, and duplexes to the high $500s and above for luxury homes. More than 80 for-sale homes will be priced to be affordable to teachers, nurses, service and retail employees and other “workforce” households whose annual incomes range between $30,000 and $56,000. This neighborhood has been sited within a framework of open space provided by the 80-acre urban park to the north, a linear greenway to the south, Westerly Creek open space to the east, and Fred Thomas Park to the west Sanford Homes joins seven builders already creating homes at Stapleton. They are McStain Neighborhoods, John Laing Homes, Parkwood Homes, New Town Builders, Wonderland Homes, KB Home, and Trimark Communities. Beazer Homes USA, Inc., based in Atlanta, Georgia, is one of the country’s ten largest single-family homebuilders with operations in Arizona, California, Colorado, Florida, Georgia, Indiana, Kentucky, Maryland, Nevada, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, and Virginia. Beazer Homes also provides mortgage origination and title services to homebuyers. Forest City Enterprises, Inc. (NYSE:FCEA)(NYSE:FCEB) is a $4.5 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. The Company's targeted markets include Boston, Denver, Los Angeles, New York, Philadelphia, Richmond, San Francisco and Washington, D. C.