FOR IMMEDIATE RELEASE: January 29, 2004	CONTACTS: Nancy McCann 216-416-3004 nancymccann@forestcity.net Natalie Wilkins 303-430-2400, ext. 2007 nwilkins@ci.westminster.co.us Leslie Resnik 216-373-8314 lresnik@liggett.com
REGIONAL, OUTDOOR LIFESTYLE CENTER TO BECOME REALITY FOR GREATER NORTH DENVER METRO AREA AMC, Others to Anchor Development
Westminster, CO (January 29, 2004) -- The City of Westminster and Forest City Enterprises announced today that AMC Theatres will anchor a 1.2-million-square-foot, mixed-use project along the I-25 corridor that will include 900,000 square feet of exclusive, outdoor, fashion-oriented retail as well as town houses, apartments and office space. A 12-screen, 51,200-square-foot AMC megaplex will be among the anchors planned for the open-air center. The project will be developed on 215 acres on the northwest corner of I-25 and 144th Avenue, south of the C-470 Beltway. The center will be designed by world-renowned urban planner Peter Calthorpe, named one of twenty five "innovators on the cutting edge" by Newsweek Magazine for his work redefining the models of urban and suburban growth in America. “This site is clearly the most desirable in the three-county area for retail development,” said Brent McFall, city manager, City of Westminster. “It is closer to the strong existing underserved population base; it is located in the midst of short and long-term residential growth; it is owned by the city and ready for development; and it’s located inside the beltway, an important physical and psychological benefit for both shoppers and tenants,” he said. The Colorado Department of Transportation recently approved an interchange at the intersection of 144th and I-25, a joint project of the cities of Westminster and Thornton that is expected to open in the summer of 2006. AMC will anchor the first phase of the project and will open prior to the advent of the interchange. “The opening of this interchange is a key development in positioning this site for commercial use,” McFall explained. “This interchange was an essential part of the development plan that Westminster and Thornton had jointly developed beginning back in 2000. That development plan reflected our shared vision for the north I-25 area. Additionally, our cities have a revenue-sharing agreement for projects built within this area, so Thornton and Westminster will both benefit from this new project,” he said. “Designed to be reminiscent of the Main Streets of small towns in the first half of the 20th century, the shopping experience will provide between 100 and 120 retail establishments to an underserved and growing market in the northern Denver area, the site of Denver’s major growth,” said Brian Jones, president, Forest City California. “The southern portion of the Denver Metro area is nearly built out. Demographic studies show that future growth will be north and northeast of the Denver area, along I-25 and I-76.” Statistics indicate that the current population of the primary and secondary trade areas, approximately 515,000 now, will reach 557,000 by 2006 and 635,000 by 2012. “With growth occurring all along the north I-25 corridor, it is essential that the area provides residents with convenient retail, office space and housing,” McFall said. “This prime site is located on a corridor north of downtown Denver that does not have a regional center,” said Jones. “It is appropriate that AMC is among the first tenants announced for this project, which will be an entertainment and lifestyle center, featuring excellent restaurants and other lifestyle tenants compatible with a deluxe movie theater,” he added. “This lifestyle center will be an open-air shopping district, built to look like the main street environments of a former era. It will be the heart of the new commercial and retail downtown of Westminster,” he said. “This section of Westminster clearly has the kind of growth potential we look for when we seek prime locations for our megaplex theatres,” said Rick King, AMC’s senior vice president, corporate communications. “Westminster’s age demographic is a great match with our key movie-going population, and the convenience of the location, inside the beltway, provides the accessibility that is critical for our high-volume theatre complexes.” The site is located in the northeast portion of the City of Westminster in the extreme northwest corner of Adams County, approximately three miles south of Weld County and about 3.5 miles east of Boulder County. These counties, which comprise the primary trade area, have projected growth rates even higher than that of the greater Denver region, according to statistics provided by the Colorado Department of Local Affairs. Growth from 2000 to 2020 is estimated at 58 percent for the three counties combined, with the greatest growth in percentage coming from Weld County. The Denver Regional Council of Governments statistics indicate that the population of the three regional statistical areas closest to the site is projected to increase by 100,000 by 2020. “We are working with Forest City to create a mixed-use project that will blend with the surrounding neighborhoods and improve the access to services for existing and future residents. Forest City has a history of creating innovative retail and residential communities, and that is just one reason that the City is so happy to partner with them on this project,” said Westminster Mayor Ed Moss. “They are active in Denver and Aurora and know the area well. They have relationships with retailers that will bring the best to our area.” About Forest City Enterprises Forest City Enterprises, Inc. is a $5.7 billion NYSE-listed real estate company (FCEA and FCEB) 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 22 states and the District of Columbia. For further information, see www.forestcity.net Forest City is currently developing Denver’s 7.2–square-mile, former Stapleton International Airport in a 25-year urban redevelopment project that encompasses 4,700 acres and will include housing, office space, parks, and a number of retail centers of various sizes. They are also developing a retail center in Aurora. Additionally Forest City has experience in open-air lifestyle centers, the current trend in retail development. The company broke ground this year on a 1.2-million-square-foot outdoor retail lifestyle center in Rancho Cucamonga, California, scheduled to open in fall, 2004, much like the one envisioned for Westminster. The company also opened Short Pump Town Center in Richmond, Virginia last year, a 1.2-million-square-foot, two-story, open-air center featuring Nordstrom, Lord & Taylor, Dillard’s, Hecht’s and Dick’s Sporting Goods, and 40 other retailers new to the market. The center is performing beyond expectation. About AMC Theatres AMC Theatres, one of the world’s largest theatrical exhibition companies, will bring to Westminster a megaplex with all the amenities that today’s sophisticated moviegoer has come to expect, including plush, wide LoveSeat-style seating ä with cup holder armrests, stadium seating and all-digital sound. AMC, which currently operates approximately 3,500 screens in most major markets in the United States and eight more countries around the globe, has been responsible for a number of innovations over the years that have enhanced the movie-going experience for consumers. There are more than 70 AMC screens throughout Colorado, with the Westminster Promenade megaplex outperforming all other theatres in the state. About the City of Westminster The City of Westminster is a 33-square-mile community located in the northwestern Denver-metro area. With a population of more than 106,000 people, Westminster offers a variety of recreational opportunities, educational facilities, parks, trails, open space, and business centers. The city is known for developing partnerships to achieve high-quality projects. Examples include the Westmoor Technology Park, home to Finali and G.E. Access; Circle Point Corporate Center, home to Allos Therapeutics; Westminster Promenade, the site of the Westin Westminster Hotel and Conference Center; Bradburn Village, a new urbanism project under development by Continuum Partners; and Park Centre Business Park, home to Avaya, DeVry University, Voyant Technologies and Corgenix. For more information, visit the City’s Web site at www.ci.westminster.co.us. About the Architect Calthorpe Associates, international urban designers, planners and architects, based in Berkeley, California, is the designer of the new center. Calthorpe Associates' design philosophy focuses on creating communities that are diverse, mixed-use, and pedestrian friendly. The firm places a special emphasis on fostering neighborhoods that provide a range of housing in close proximity to shopping, jobs, recreation, and transit -- walkable communities that offer realistic housing and transportation choices.. Principal Peter Calthorpe has been named one of 25 "innovators on the cutting edge" by Newsweek magazine for his work redefining the models of urban and suburban growth in America. Colorado projects include revitalization of Curtis Park Hope VI and Park Ave Hope VI in Denver, Blueprint Denver, a transportation and land use plan; the master plan for Forest City’s Stapleton International Airport project; the master plans for the City of Broomfield, Fort Collins, and Englewood Town Center. ###