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Forest City ready to move ahead with mixed-use Pier 70 in San Francisco

CLEVELAND, Nov. 16, 2017 /PRNewswire/ -- Forest City Realty Trust, Inc. (NYSE: FCEA) today announced that legislation clearing the way for work to begin on the first phase of its 28-acre Pier 70 mixed-use project in San Francisco, was signed into law by San Francisco Mayor Edwin M. Lee, capping a decade of extensive planning, community outreach, civic engagement and collaboration. 

Forest City logo (PRNewsfoto/Forest City Realty Trust, Inc.)

Part of a larger historic shipyard on the city's Central Waterfront and adjacent to the Dogpatch neighborhood, the project will include both new construction and adaptive reuse of historic structures. At full buildout, it will include between 1,100 and 2,150 residential units (of which 30 percent will be affordable), up to 1.75 million square feet of commercial space, and 450,000 square feet of retail, arts and light industrial/maker space, as well as parks, transportation and infrastructure improvements and significant public benefits. The project will open access to a part of San Francisco's waterfront that has been underutilized and largely inaccessible for more than a century.

"We're thrilled to have reached this milestone and excited to begin work on this great project," said David J. LaRue, Forest City president and chief executive officer. "We're grateful for the support of Mayor Lee, the Board of Supervisors, the Port of San Francisco, the Office of Economic and Workforce Development, our other community partners and the people of San Francisco for making this important project possible. We are confident that we can leverage Forest City's unique place-making skills, honed at projects such as Stapleton in Denver, The Yards in Washington, D.C., and University Park at MIT in Cambridge, among others, to deliver "the power of place" for the benefit of the citizens of this great city."

"Extensive collaboration with the community and city over many years has resulted in an exceptional project that addresses issues important to the neighborhood and city," said Kevin Ratner, president of Forest City West. "We are adding much-needed housing, generating thousands of jobs, creating new parks, and providing space to sustain arts, culture and local manufacturing in San Francisco. Because of our community process, the development will meld the history, culture and community of Dogpatch to create a great new waterfront neighborhood."

As part of a public-private partnership, Forest City and its civic partners have undertaken extensive engagement and outreach efforts, hosting workshops, open houses, markets, tours, presentations and family events that have engaged an estimated 75,000 people to date. Forest City expects to begin obtaining permits for the first phase of construction this month. The full buildout of the project is anticipated to take 10 to 15 years.

Forest City has had a presence in San Francisco for three decades, and developed, owns and manages numerous properties in the Bay area, including the Presidio Landmark, Bayside Village, 2175 Market Street, and The Uptown apartment communities, and redeveloped and co-owns the Westfield San Francisco Centre retail mall.

About Forest City
Forest City Realty Trust, Inc. is a NYSE-listed national real estate company with $8.1 billion in consolidated assets. The Company is principally engaged in the ownership, development, management and acquisition of commercial and residential real estate throughout the United States.  For more information, visit 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 uncertain outcome, impact, effects and results of the company's Board of Directors' review of operating, strategic, financial and structural alternatives, the company's ability to carry out future transactions and strategic investments, as well as the acquisition related costs, unanticipated difficulties realizing benefits expected when entering into a transaction, the company's ability to qualify or to remain qualified as a REIT, its ability to satisfy REIT distribution requirements, the impact of issuing equity, debt or both, and selling assets to satisfy its future distributions required as a REIT or to fund capital expenditures, future growth and expansion initiatives, the impact of the amount and timing of any future distributions, the impact from complying with REIT qualification requirements limiting its flexibility or causing it to forego otherwise attractive opportunities beyond rental real estate operations, the impact of complying with the REIT requirements related to hedging, its lack of experience operating as a REIT, legislative, administrative, regulatory or other actions affecting REITs, including positions taken by the Internal Revenue Service, the possibility that the company's Board of Directors will unilaterally revoke its REIT election, the possibility that the anticipated benefits of qualifying as a REIT will not be realized, or will not be realized within the expected time period, the impact of current lending and capital market conditions on its liquidity, its ability to finance or refinance projects or repay its debt, the impact of the slow economic recovery on the ownership, development and management of its commercial real estate portfolio, general real estate investment and development risks, litigation risks, vacancies in its properties, risks associated with developing and managing properties in partnership with others, competition, its ability to renew leases or re-lease spaces as leases expire, illiquidity of real estate investments, its ability to identify and transact on chosen strategic alternatives for a portion of its retail portfolio, bankruptcy or defaults of tenants, anchor store consolidations or closings, the impact of terrorist acts and other armed conflicts, its substantial debt leverage and the ability to obtain and service debt, the impact of restrictions imposed by the company's revolving credit facility, term loan and senior debt, exposure to hedging agreements, the level and volatility of interest rates, the continued availability of tax-exempt government financing, its ability to receive payment on the notes receivable issued by Onexim in connection with their purchase of our interests in the Barclays Center and the Nets, the impact of credit rating downgrades, effects of uninsured or underinsured losses, effects of a downgrade or failure of its insurance carriers, environmental liabilities, competing interests of its directors and executive officers, the ability to recruit and retain key personnel, risks associated with the sale of tax credits, downturns in the housing market, the ability to maintain effective internal controls, compliance with governmental regulations, increased legislative and regulatory scrutiny of the financial services industry, changes in federal, state or local tax laws and international trade agreements, volatility in the market price of its publicly traded securities, inflation risks, cybersecurity risks, cyber incidents, shareholder activism efforts, conflicts of interest, risks related to its organizational structure including operating through its Operating Partnership and its UPREIT structure, 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.

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SOURCE Forest City Realty Trust, Inc.

At the Company: Mike Lonsway, Executive Vice President - Planning, 216-416-3325; Jeff Linton, Senior Vice President - Corporate Communication, 216-416-3558; On the Web: www.forestcity.net