Forest City Enterprises

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Forest City Enterprises
Type Public
Traded as NYSEFCE.A
NYSEFCE.B
Industry Property Management
Founded 1920
Headquarters Cleveland, Ohio, United States
Revenue DecreaseUS$1.18 billion(FY 2012)[1]
Operating income DecreaseUS$83.1 million(FY 2012)[1]
Total assets DecreaseUS$10.5 billion(FY 2012)[1]
Employees 2,573
Divisions The Commercial Group
The Residential Group
The Land Development Group
Website www.forestcity.net
References: [2]

Forest City Enterprises (NYSEFCEA, NYSEFCEB) 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]

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]

Forest City Enterprises developed The New York Times Building in New York City in 2008. The building is one of many Forest City assets.

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.
  • 8 Spruce also known as New York by Gehry, is named for it designer, world renowned architect Frank Gehry. It is the tallest all-residential building in the Western Hemisphere.
  • 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.

Awards[edit]

References[edit]

  1. ^ a b c "Forest City Enterprises Inc. (FCE-A)". Yahoo! Finance. 
  2. ^ "Forest City Enterprises-Overview". Forest City Enterprises. 
  3. ^ "Forest City Enterprises Inc". Bloomberg. Retrieved 21 March 2013. 
  4. ^ Forest City Enterprises
  5. ^ "Company Overview". Wall St Journal. Retrieved 4 April 2013. 
  6. ^ Forest City Enterprises
  7. ^ Forest City Enterprises
  8. ^ "A Salute to Forest City Enterprises" (Press release). National Building Museum. 06-01-2005. 
  9. ^ "University Park at MIT Wins Urban Land Institute's 2004 Awards for Excellence" (Press release). University Park. 01-03-2005. 

External links[edit]