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THE ORCHARD TOWN CENTER ABOUT TO BLOSSOM

Property grading to begin

Westminster, Colorado — May 18, 2005 — The Orchard Town Center is taking root in Westminster as the property grading begins on the one-million-square-foot, open-air, lifestyle and entertainment center located at the northwest corner of Interstate 25 and 144th Avenue. Crews began to clear the site last week and are scheduled to start the grading in June. This paves the way for the center to break ground later in the month, it was announced today by developers Forest City California.

"This first phase of construction lays the groundwork for the growth of a unique, Main Street, pedestrian-friendly lifestyle village that will offer residents and visitors alike exceptional options in shopping, dining and entertainment," said Colm Macken, chief operating officer, Forest City California. "Following a development agreement reached with the City of Westminster last year, we have closed on the land and The Orchard Town Center can begin to blossom into the regional attraction it is sure to become. We already have retail commitments for 450,000 square feet of the property, " Macken stated.

"Every project has its starting point -- this is ours," echoed Brent McFall, city manager for Westminster. "With our financing in place, the city is moving ahead at all possible speed to make the improvements this site requires.

"And we have to move quickly," McFall added. "With three main anchors already announced, and a SuperTarget recently signing a letter of intent for the project, the momentum continues to build."

Immediately after closing, the city, through its building and urban renewal authorities, sold more than $85 million in bonds and certificates of participation (COPs) to help fund public improvements to serve the project. Construction of the new interchange at I-25 and 144th Avenue, to be built in partnership with the City of Thornton, will coincide with construction of The Orchard Town Center, with completion of phase 1 for both projects anticipated in the fall of 2006.

"It is an exciting time for the City of Westminster now that both long-awaited, much-needed projects, The Orchard Town Center and the new interchange, are becoming a reality," said Westminster Mayor Nancy McNally.

Over the next 10 years, city officials estimate the town center will produce an additional $85 million in revenue to fund infrastructure improvements and much-needed city services, and will create more than 3,000 new, permanent and part-time jobs."The City of Westminster, partnering with Forest City, is entering a new era in economic development that will greatly benefit the community," said McNally. "The city will take great pride in this project now and for generations to come."

"Working with the City of Westminster to develop the kind of center that will fulfill expectations and further its growth continues to be a gratifying experience," said Brian M. Jones, president, Forest City California. "Our company takes great pride in these kinds of public/private partnerships, which are key to success of the final product."

Forest City has already arranged financing for The Orchard Town Center with Bank of America and La Salle Bank.

About the center - The Orchard Town Center, to be anchored by Foley´s, JCPenney and a 12-screen AMC Theatre, will include a mix of exclusive, outdoor, fashion-oriented retail, large destination stores, department stores, and smaller, upscale retailers, along with a variety of restaurants and eateries. Located on 215 acres on the northwest corner of I-25 and 144th Avenue, south of the E-470 and Northwest Parkway beltway, The Orchard Town Center will also include 500 housing units and office space.

The mixed-use master plan of residential, office and retail at The Orchard Town Center was created by Calthorpe Associates of Berkeley, California and The Mulhern Group of Denver, joining with design architects Elkus/Manfredi Ltd. of Boston and Field Paoli of San Francisco in the commercial and mixed-use design concepts and their execution. Each architectural firm is experienced and skilled in creating retail and mixed-use developments.

Forest City Enterprises, Inc. is a $7.3 billion NYSE-listed national real estate company with offices in Boston, Chicago, Cleveland, Denver, Los Angeles, New York City, San Francisco, and Washington, D.C. The Company is principally engaged in the ownership, development, acquisition and management of mixed-use projects, retail centers, apartment communities, office buildings and hotels in 19 states and the District of Columbia.

Contact:
Nancy McCann
Forest City
216-416-3004
nancymccann@forestcity.net

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