FOR IMMEDIATE RELEASE: August 21, 2002	CONTACTS: Tom Gleason (303) 382-1800 Forest City Stapleton, Inc. tgleason@fcdenver.com Jackie Peterson (303) 298-0502 TP Development, LLC CLYBURNJGP@aol.com
Stapleton Breaks Ground for First Affordable Senior Housing
Denver--TP Development LLC today broke ground for the first affordable senior citizen housing to be built at Denver’s former Stapleton International Airport. Located in Stapleton’s first mixed-use residential neighborhood, Clyburn Apartments will provide 100 rental homes specially priced to be affordable for senior citizens 62 years of age and over who earn up to $33,000 a year. The rental homes are the first of 4,000 apartments to be built at Stapleton over the next fifteen years as part of a community that will also include 8,000 for sale homes. The Clyburn Apartments are scheduled for completion in August of 2003. "This is truly an exciting residential development, whereby our seniors will not only have an affordable and desirable housing facility, but will be adjacent to a city park, King Soopers, retail, housing, and other amenities within walking distance,” said Ms. Jackie Peterson, owner of TP Development LLC, a minority-owned company that is participating in Forest City Stapleton’s Associate Developer Program. "Our goal at Stapleton is to create a traditional urban community that has the diversity in age, race, and income that has always made Denver such a vibrant, desirable place to live," said John Lehigh, chief operating officer for Forest City Stapleton, Inc., the master developer of the 4,700-acre property. "The Clyburn Apartments will provide attractive and affordable housing for seniors adjacent to the grocery store and a variety of retail in our first town center, as well as beautiful parks and public transportation." Ms. Peterson’s development features 51 two-bedroom apartments ranging from 750 to 800 square feet, and 49 single bedroom units of 600 square feet. Rents are anticipated to range from $702 to $841 a month. Residents of the building will have a computer lab/community room on the first floor, a 2nd floor sunroom/lounge and library, and a large garden/courtyard. The cost for Clyburn Apartments is approximately $12 million. Forest City Enterprises, Inc. (NYSE:FCEA)(NYSE:FCEB) is a $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.