CLEVELAND, March 5, 2012 /PRNewswire/ -- Forest City Enterprises, Inc., (NYSE: FCEA and FCEB) today celebrated the dedication of the newly completed Las Vegas City Hall. Company officials joined Las Vegas Mayor Carolyn G. Goodman, City Manager Betsy Fretwell, members of City Council and other civic leaders for an evening dedication ceremony that showcased the building's iconic architecture and computer-controlled LED lighting.
Forest City's Real Estate Services subsidiary developed the City Hall for Las Vegas on a fee basis. The company owns three additional adjoining blocks of land which it intends to develop into a new civic district with a mix of uses including office, retail and services that support the City Hall and other nearby governmental buildings. Construction of the City Hall is part of a broader strategy by Las Vegas leaders to stimulate job creation and economic revitalization of the city's historic downtown.
"This project and the benefits it will bring Las Vegas are examples of the power of public-private partnerships to revitalize our cities," said David J. LaRue, Forest City president and chief executive officer. "Great cities have strong downtowns, and it starts with great public buildings, like the new City Hall. We congratulate Las Vegas and its leaders for the vision that enabled this project to become a reality."
The City Hall is designed to meet Leadership in Energy and Environmental Design (LEED) standards. According to the city, the new building will reduce the city's energy costs by more than $400,000 annually and reduce greenhouse gas emissions by more than 2,400 metric tons. Thirty-three "solar trees" on the plaza and solar panels on the building's roof will produce approximately 290,000 kilowatt hours of power for the City Hall annually.
About Forest City
Forest City Enterprises, Inc. is an NYSE-listed national real estate company with $10.5 billion in total assets. 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 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, effects of a downgrade or failure of our insurance carriers, 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, inflation risks, 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.