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Forest City Announces Six Additional Major Tenants for Westchester's Ridge Hill

CLEVELAND, Nov. 18, 2010 /PRNewswire via COMTEX/ --

Forest City Enterprises, Inc., (NYSE: FCEA and FCEB) today announced that outdoor/sporting goods retailers Dick's Sporting Goods, Orvis and REI, along with three national restaurant chains making their debuts in the New York Metropolitan area, will join the growing tenant line-up at Westchester's Ridge Hill, a 1.3-million-square-foot regional mixed-use center under construction in Yonkers, N.Y.

The tenants announced today are:

  • Dick's Sporting Goods, a preeminent, full-line sporting goods retailer with more than 300 stores.
  • REI, a national outdoor retail co-op with more than three million members and 100 locations.
  • Orvis, one of the oldest retailers in the country, offering apparel, home furnishings, fly fishing gear, and more.
  • Brio Tuscan Grille, an upscale casual Italian restaurant with nearly 40 locations nationwide.
  • Texas de Brazil, an authentic churrascaria (steak house) that combines the cuisine of southern Brazil with the generous spirit of Texas.
  • Yard House, a premium casual eatery known for its extensive menu, classic rock music, and world's largest selection of draft beer.

These tenants join the previously announced roster of retailers and restaurants including Whole Foods, L.L. Bean, Cinema De Lux (a multiplex cinema by National Amusements), The Cheesecake Factory, Sephora and WESTMED Medical Group. With the newly announced tenants, the center is now 35 percent leased.

"The premier tenants we're announcing today clearly show the momentum that is building for Westchester's Ridge Hill," said David J. LaRue, Forest City executive vice president and chief operating officer. "This project will be a distinctive, upscale destination for Westchester County and the entire region, and we look forward to announcing more exciting retailers in the coming months."

Located between the New York State Thruway and the Sprain Brook Parkway in Yonkers, Westchester's Ridge Hill will include 1.2 million square feet of retail and entertainment, along with 160,000 square feet of office space. The project will open in 2011. For more information, visit http://www.westchestersridgehill.com/.

About Forest City

Forest City Enterprises, Inc. is an $11.8 billion NYSE-listed national real estate company. The Company is principally engaged in the ownership, development, management and acquisition of commercial and residential real estate and land throughout the United States. For more information, visit http://www.forestcity.net/.

Safe Harbor Language

Statements made in this news release that state the Company's or management's intentions, hopes, beliefs, expectations or predictions of the future are forward-looking statements. The Company's actual results could differ materially from those expressed or implied in such forward-looking statements due to various risks, uncertainties and other factors. Risks and factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, the impact of current lending and capital market conditions on its liquidity, ability to finance or refinance projects and repay its debt, the impact of the current economic environment on its ownership, development and management of its real estate portfolio, general real estate investment and development risks, vacancies in its properties, further downturns in the housing market, competition, illiquidity of real estate investments, bankruptcy or defaults of tenants, anchor store consolidations or closings, international activities, the impact of terrorist acts, risks associated with an investment in a professional sports team, its substantial debt leverage and the ability to obtain and service debt, the impact of restrictions imposed by its credit facility and senior debt, exposure to hedging agreements, the level and volatility of interest rates, the continued availability of tax-exempt government financing, the impact of credit rating downgrades, effects of uninsured or underinsured losses, environmental liabilities, conflicts of interest, risks associated with the sale of tax credits, risks associated with developing and managing properties in partnership with others, the ability to maintain effective internal controls, compliance with governmental regulations, increased legislative and regulatory scrutiny of the financial services industry, volatility in the market price of its publicly traded securities, litigation risks, as well as other risks listed from time to time in the Company's SEC filings, including but not limited to, the Company's annual and quarterly reports.

SOURCE Forest City Enterprises, Inc.