BIG deals

For press releases on all these announcements, please visit the Forest City press room.

Industry titans team up in Texas

Even the partnerships are bigger in the Lone Star state.

General Growth Properties and Forest City are working together for the first time as the  companies announced a major partnership to develop a master plan for approximately 400 acres southwest of the Dallas North Tollway-U.S. 380 interchange. The development will include shopping, residential, hotel and office.

"Combining Forest City's 75 years in the real estate industry and its capabilities in mixed-use development with GGP's 50 plus years of experience in the shopping mall industry provides the highest level of precision and expertise," said John Bucksbaum, chief executive officer for General Growth Properties. "The retail line-up and dining mix will be stellar as will the mixed-use component."

Under the master plan, Forest City Enterprises and GGP will develop a regional open-air commercial and residential center around a waterfront town square park. The shopping center will be approximately 1.5 million square feet with anchor stores, fine dining, entertainment venues, hotel, conference center and a pedestrian-friendly main street lined with specialty stores on the first floor and residences above.

"Developing projects that provide the greatest economic and social value to the communities they serve is consistent with the core values of our company," said Jim Ratner, chairman and CEO, Forest City Commercial Group. "Partnering with GGP on this development is a win-win for everyone."

Forest City is currently developing three additional Texas properties – including the Mercantile Block in Dallas.

Deals push Military Housing to 12,000 units

On July 31, Forest City Military Communities announced it was expanding its military housing program to 11,956 units under management as a result of additional 50-year public/private venture agreements with the U.S. military.

In the northwest, Forest City has entered into an agreement to acquire American Eagle Communities' interest in 2,985 Navy housing units and ancillary facilities in the Puget Sound area of Washington state.

In addition, Forest City, together with a partner, has closed on a transaction with the United States Air Force to design, develop and construct military family housing units at the Air Force Academy in Colorado Springs, Colo. The Air Force Academy project will bring an end-state count of 427 family homes under management at the Academy.

In Hawaii, Forest City has been selected to enter into exclusive negotiations with the Department of the Navy for a fourth increment (Marine Corps Phase II) on Oahu. The Phase II Marine Corps project will bring Forest City's total end-state count to 6,568 housing units in Hawaii.

Forest City has also been selected to enter into exclusive negotiations for the family housing at Naval Activities Station (NAS) Mid-South in Millington, Tenn. The Phase II closing, which is anticipated to occur later this year, will bring the total Midwest end-state count to 1,976 family housing units spanning Illinois, Indiana and Tennessee.

Ron Ratner, president and CEO, Forest City Residential Group, said, "In just three years, the military housing business has grown to more than 11,900 permanent units, becoming a very significant part of our residential portfolio. We are honored to have the opportunity to create and manage modern housing and communities that enhance the quality of life for our nation's service personnel and their families."