CLEVELAND, OH, Oct. 7, 2011 /PRNewswire/ -- Forest City Enterprises, Inc. (NYSE: FCEA and FCEB) announced today that a subsidiary, Forest City Military Communities, and the U.S. Air Force, through the Air Force Center for Engineering and the Environment, have signed a 50-year housing privatization agreement for the development and management of 2,185 family homes at four U.S. Air Force bases in the Southeast, bringing Forest City's military housing portfolio to more than 14,000 homes.
As a part of the agreement and closing, Forest City will be managing an initial development period, valued at $308.1 million, for the construction of new family housing and community amenities. Forest City will also earn an on-going fee as a part of the Company's 50-year property management responsibility.
The bases, collectively known as the Southern Group, are Joint Base Charleston in S.C.; Shaw Air Force Base in Sumter, S.C.; Keesler Air Force Base in Biloxi, Miss.; and Arnold Air Force Base in Tullahoma, Tenn.
Construction at all four bases is anticipated to begin by early November and to last between 14 to 49 months, depending upon the base.
For a complete copy of the company’s news release, please contact:
Robert O'Brien, Executive Vice President - Chief Financial Officer, or Jeff Linton, Senior Vice President - Corporate Communication, +1-216-621-6060
Web Site: http://www.forestcity.net/
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