FRISCO, Texas (May 18, 2011) – The City of Frisco executed a Memorandum of Understanding today with Forest City Development and its partner, Ernest Mahard Jr. to develop a 320-acre mixed-use development on the southwest corner of the Dallas North Tollway and U.S. Highway 380. Bounded by Virginia Parkway and County Road 26, this development will encompass retail, residential, office, entertainment, hospitality, municipal parks and services.
"We’re very excited to forge a new, public/private partnership with Forest City Development, representing the largest mixed-use project planned for Frisco in the near future," said Mayor Maher Maso. "The caliber of this project will serve as an economic catalyst for quality development in the northern part of our city and further enhance Frisco’s ever-growing reputation as a retail and entertainment destination. This venture is the culmination of many years of visioning and hard work. We’re anxious to get started and welcome Forest City to Frisco."
"We are privileged to be working with the City of Frisco on this exciting development endeavor," said Brian Ratner, President - Forest City Texas. "We applaud the city leaders for their vision and professionalism throughout this process. This mixed-use development will bring together the vision of the City, while providing the greatest social and economic value to the community and its stakeholders."
"On behalf of the entire Mahard Family, we thank the City of Frisco for their steadfast support. Our family has a long history in Frisco, and we’re excited to develop a project that further contributes to the excellence of the city I call home," said Ernest A. Mahard Jr., Partner with Forest City on the Frisco North development.
Frisco is the fastest-growing city in the country, according to the U.S. Census Bureau, (2000 – 2009). Supported by strong infrastructure, exceptional leadership and quality commercial developments, Frisco has been recognized by Money Magazine as one of the top 100 places to live in the United States. This infrastructure supports an exceptional community and an
extraordinary quality of life. Offering a strong economy through diversification and corporate vitality, Frisco defines "Progress in Motion." For more information, visit www.friscotexas.gov
About Forest City
Forest City Enterprises, Inc. is an NYSE-listed national real estate company with $11.8 billion in total assets. The Company is principally engaged in the ownership, development, management and acquisition of commercial and residential real estate and land throughout the United States. Forest City’s commitment to the Texas marketplace extends from the development in Frisco, to a 2,000-acre master-planned residential community in Prosper, the Mercantile and Wilson apartment communities in Downtown Dallas, and residential communities under development in Denton County, San Antonio and Houston, Texas. For more information, visit www.forestcity.net
Safe Harbor Language
Statements made in this news release that state the Company's or management's intentions, hopes, beliefs, expectations or predictions of the future are forward-looking statements. The Company's actual results could differ materially from those expressed or implied in such forward-looking statements due to various risks, uncertainties and other factors. Risks and factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, the impact of current lending and capital market conditions on our liquidity, ability to finance or refinance projects and repay our debt, the impact of the current economic environment on our ownership, development and management of our real estate portfolio, general real estate investment and development risks, vacancies in our properties, further downturns in the housing market, competition, illiquidity of real estate investments, bankruptcy or defaults of tenants, anchor store consolidations or closings, international activities, the impact of terrorist acts, risks associated with an investment in a professional sports team, our substantial debt leverage and the ability to obtain and service debt, the impact of restrictions imposed by our credit facility and senior debt, exposure to hedging agreements, the level and volatility of interest rates, the continued availability of tax-exempt government financing, the impact of credit rating downgrades, effects of uninsured or underinsured losses, effects of a downgrade or failure of our insurance carriers, environmental liabilities, conflicts of interest, risks associated with the sale of tax credits, risks associated with developing and managing properties in partnership with others, the ability to maintain effective internal controls, compliance with governmental regulations, increased legislative and regulatory scrutiny of the financial services industry, volatility in the market price of our publicly traded securities, inflation risks, litigation risks, as well as other risks listed from time to time in the Company's SEC filings, including but not limited to, the Company's annual and quarterly reports.