Forest City Enterprises
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| Type | Public |
|---|---|
| Traded as | NYSE: FCEA NYSE: FCEB |
| Industry | Property Management |
| Founded | 1920 |
| Headquarters | Cleveland, Ohio, United States |
| Revenue |  US$1.18 billion(FY 2012)[1] |
| Operating income | US$83.1 million(FY 2012)[1] |
| Total assets | US$10.5 billion(FY 2012)[1] |
| Employees | 2,573 |
| Divisions | The Commercial Group The Residential Group The Land Development Group |
| Website | www.forestcity.net/Pages/default.aspx |
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References: [2] |
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Forest City Enterprises (NYSE: FCEA, NYSE: FCEB) is a $9-billion diversified real estate management and development company based in Cleveland, Ohio, United States.[3] Its portfolio includes interests in retail centers, apartment communities, office buildings and mixed-use projects in the U.S. The company has recently expanded into military housing communities.[4]
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History [edit]
Forest City was founded as a family-owned lumber and hardware business in the 1920[5] by Charles, Leonard, Max and Fannye Ratner. In the 1930s, the company made its first foray into real estate, purchasing lots for commercial development and its first apartment building.
During World War II, the company made pre-fabricated houses for government housing and began building strip malls. In 1955, Forest City began converting its lumberyards, Forest City Lumber, into do-it yourself home stores.
In 1960, Forest City became a publicly traded company. In the 1980s, the company began divesting of its non-core real estate holdings. The company sold its retail lumber business to Handy Andy Home Improvement Center in 1987.[6]
Projects [edit]
Projects developed or under development by Forest City include:[7]
- Mesa del Sol- is Forest City largest mixed-use development planned for 100,000 inhabitants and is co-owned by Covington Capital Partners.
- Westfield San Francisco Centre, an upscale, urban shopping center located in San Francisco, California and co-owned and managed by The Westfield Group.
- Public Health Service Hospital District in San Francisco's Presidio.
- Northfield Stapleton is an open-air, 1,200,000-square-foot (110,000 m2) retail town center located at the company's Stapleton International Airport mixed-use redevelopment project in Denver, Colorado.
- Atlantic Yards, a controversial development in Brooklyn, New York. This project includes Barclays Center, a new home for the Brooklyn Nets, an NBA basketball team owned by Bruce Ratner, CEO of Forest City's New York City subsidiary.
- New York Times Building, a 52-story building designed by architect Renzo Piano.
- Tower City Center, a mixed-use urban redevelopment project that transformed the mostly-vacant Union Terminal building in Downtown Cleveland into a mall, transit, office, and hotel structure.
- Station Square, a 52-acre (210,000 m2) indoor and outdoor shopping, dining and entertainment complex located in Pittsburgh, Pennsylvania.
- University Park at MIT, a mixed-use urban redevelopment project located on an abandoned industrial site near the Massachusetts Institute of Technology in Cambridge, Massachusetts.
- Central Station, a primarily residential development on the site of a former railroad terminal in Chicago, Illinois.
- Mercantile Place on Main, a mixed-use urban redevelopment project of a historical office complex in Dallas, Texas.
- Victoria Gardens, a mixed-use shopping center development in Rancho Cucamonga, California.
- Short Pump Town Center, a massive outdoor mall in Richmond, Virginia.
Awards [edit]
- 2005 Honor Award from the National Building Museum for revitalization efforts and creation of affordable housing.[8]
- 2005 ULI Award for Excellence for the University Park at MIT project [9]
References [edit]
- ^ a b c "Forest City Enterprises Inc. (FCE-A)". Yahoo! Finance.
- ^ "Forest City Enterprises-Overview". Forest City Enterprises.
- ^ "Forest City Enterprises Inc". Bloomberg. Retrieved 21 March 2013.
- ^ Forest City Enterprises
- ^ "Company Overview". Wall St Journal. Retrieved 04 April 2013.
- ^ Forest City Enterprises
- ^ Forest City Enterprises
- ^ "A Salute to Forest City Enterprises" (Press release). National Building Museum. 06-01-2005.
- ^ "University Park at MIT Wins Urban Land Institute's 2004 Awards for Excellence" (Press release). University Park. 01-03-2005.
