FOR IMMEDIATE RELEASE: September 26, 2003	CONTACTS: Forest City Enterprises, Inc. Thomas T. Kmiecik, 216-621-6060 On the Web: www.forestcity.net Hawaii Military Communities Thomas W. Henneberry, 301-287-3234 In Hawaii: Becker Communications, Inc. Ruth Ann Becker/Georgette Deemer, 808-533-4165 C.F. Jordan Mike Miller, 808-422-4269
Forest City Awarded Contract for Navy Family Housing in Hawaii
CLEVELAND--(BUSINESS WIRE)--Sept. 26, 2003--Hawaii Military Communities, LLC, a partnership formed and led by Forest City Enterprises, Inc. (NYSE:FCEA)(NYSE:FCEB), has been selected to own, redevelop and operate military family housing at five U.S. Navy housing communities in Hawaii. Phase One of the contract with the Department of the Navy involves the construction of 918 new homes and the renovation of 1,040 existing military family homes over the next four years, and the ongoing operation and maintenance of the properties and residential communities for the next 50 years. Initial development cost for the five neighborhoods is estimated at $358 million. Hawaii Military Communities, LLC is a partnership between Forest City Enterprises, Inc. and Texas-based C.F. Jordan, L.P. The partnership was founded to focus on and participate in the privatization of military family housing in Hawaii. Hawaii Military Communities teamed with 18 Hawaii-based companies to develop its comprehensive bid for the Navy contract. Among them are world-class master planners, architects, engineers, construction managers and environmental consultants. "Our joint experience in complex residential developments makes Hawaii Military Communities the ideal partner for the Department of the Navy," said Charles A. Ratner, president and chief executive officer of Forest City Enterprises. "We believe strongly in public/private partnerships, and in using the expertise available within the communities where we make long-term commitments." Ratner described Hawaii Military Communities' sole mission as being "to provide high-quality military family housing and residential communities that enhance quality of life and family well-being." The partnership will create new road networks, green and open spaces, community centers, recreational facilities, and other amenities for each neighborhood. The Hawaii residential military communities covered are McGrew Point, Hokulani, Moanalua Terrace, Halsey Terrace and Radford Terrace. The contract with Hawaii Military Communities was awarded under the Department of the Navy's Hawaii Regional Housing Privatization Initiative, part of a national effort to involve the private sector in the timely and cost-effective upgrading of military family housing. Hawaii Military Communities will be directly responsible for pre-construction planning, financing, scheduling, new construction and renovations, property management and maintenance, asset management, and all development-related activity. "We are committed to providing exceptional service and comfort to one of our Nation's greatest assets - our service members and their families," Ratner said. "Everyone on our team shares a common vision: modern, safe and inviting communities in which our sailors can raise their families," said Ronald Ratner, president and chief executive officer of the Forest City Residential Group. "By focusing initially on new community centers and recreational facilities, from the very first day we will demonstrate that an ambitious, new program is underway to improve Navy families' quality of life. We intend to immediately introduce a level of residential management and attention to detail that is unsurpassed in the military housing market." Hawaii Military Communities will combine many components to create quality communities for Navy families in Hawaii. Significant program attributes include a strong management and maintenance program; high-quality, imaginative site planning and design; home designs reflecting contemporary sizing, organization and energy efficiency; extensive and appropriately located facilities and amenities; and environmental sensitivity. NOTE TO EDITORS: Corporate descriptions of the Hawaii Military Communities, LLC partners follow this page. HAWAII MILITARY COMMUNITIES, LLC The Partners Corporate Descriptions of the partners: Forest City Enterprises, Inc. is a $5.3 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 21 states and the District of Columbia. C.F. Jordan, L.P. is a privately held company that has delivered professional construction services nationally for more than 30 years, and completed more than $5 billion of residential/multi-family and commercial projects for public- and private-sector clients. Its Federal Programs Division recently completed the U.S. Navy's Commissary/Exchange Mall at Pearl Harbor, the largest Navy Exchange in the world, and has built privatized military housing at Corpus Christi, and was recently awarded the contract for family housing construction at Dyess AFB in Texas.