CLEVELAND, April 19, 2011 /PRNewswire/ -- Forest City Enterprises, Inc. (NYSE: FCEA and FCEB) today announced that its subsidiary, Forest City California Development, Inc., has been selected as developer by the Port of San Francisco for Pier 70's 25-acre Waterfront Site. Pier 70 is a 69-acre historic marine industrial area on San Francisco's Central Waterfront, located immediately south of Mission Bay. Plans call for the site to be redeveloped over a multiyear period to meet the Port's Master Plan goals for new development, historic preservation, and the creation of waterfront open space.
"We're honored to be selected by the staff and Port Commission for this extraordinary project," said Kevin Ratner, President of Forest City Development California. "Transformative urban place-making through public/private partnerships is our passion as a company. We believe this project will bring together the past, present and future to create an economic driver for the city and the Bay Area. The site is compelling because of its pioneering maritime history, waterfront location, the public benefits it is expected to generate, and the opportunity to advance the region's growth economy in a unique way."
"The Port congratulates Forest City on winning the competition to develop the Pier 70 Waterfront Site," said Kimberly Brandon, president of the San Francisco Port Commission. "This milestone represents a tremendous step forward for the Port by moving us closer to transforming the Pier 70 area into new public uses while preserving its rich maritime history."
In spring 2010, the Port published its Preferred Master Plan for Pier 70 after extensive study and community planning. Forest City will work with the Port to accomplish the goals for the site, which include a total new development capacity of 2.5 million square feet with more than 250,000 square feet in additional rehabilitation of historic structures. Forest City's plan will focus on incorporating uses that advance the Bay Area's creative economy together with a mix of high-quality office facilities, open space, and inspiring public amenities and activities.
Ratner added: "We believe that Pier 70 can become a new model of how public/private partnership can bring industrial waterfronts back as leading economic growth and innovation drivers. New construction will compliment the historic resources of the site, and new uses, tenants and programs will co-exist symbiotically with existing maritime functions and infrastructure. All of this activity is expected to increase the Port's tax base, spur job creation and deliver significant community benefit."
Forest City's consultants for the project include AECOM, Architectural Resources Group, Sheppard Mullin and Holland & Knight, among others. The development of Pier 70 will be structured under a master development agreement and long-term lease.
About Forest City
Forest City Enterprises, Inc. is an NYSE-listed national real estate company with $11.8 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.
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SOURCE Forest City Enterprises, Inc.