CLEVELAND, June 27, 2011 /PRNewswire/ -- Forest City Enterprises, Inc. (NYSE: FCEA and FCEB) today announced that seven restaurants as well as a full-service grocery store have committed to leases for locations at The Yards, the company's mixed-use, waterfront development in the Capitol Riverfront area of Washington D.C.
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Collectively, the leases total approximately 70,000 square feet across three buildings at the 42-acre site. One of the buildings, Foundry Lofts, is already under construction. The other two, Boilermaker Shops and 401 M Street SE, are expected to begin construction during the second half of 2011.
"Today's announcement is yet another sign of the growing vibrancy of the District's newest waterfront neighborhood," said Deborah Ratner Salzberg, president of the company's Forest City Washington subsidiary. "We're gratified by the commitments these new tenants have made to The Yards and we're excited to move forward on additional components. The continuing growth of both residential and office activity in the Capitol Riverfront is drawing a great deal of interest for The Yards."
At Foundry Lofts, Potbelly, a popular sandwich shop with multiple locations in the D.C. area, and Kruba Thai and Sushi, which has three other locations in the D.C. metro market, will open in the building's street-level retail space. Foundry Lofts, a 170-unit adaptive-reuse apartment building, is expected to be completed and begin lease-up in the third quarter of 2011.
At the Boilermaker Shops, D.C.-based Neighborhood Restaurant Group has signed leases for two concepts, Buzz Bakery Coffee & Lounge, and a yet-to-be-named restaurant/brewery concept. Thompson Hospitality, a large, minority-owned food service company, has also signed leases for two restaurants, Austin Grill Express, a casual, Tex-Mex restaurant, and a new concept to be called BRB—Be Right Burger, featuring naturally-raised and prepared burgers. A fifth restaurant, Huey's 24/7 Diner, will offer innovative diner food with a New Orleans flair. Boilermaker Shops, located at 4th Street SE and Tingey Street, is an adaptive re-use of a former Washington Navy Yard building and is expected to include approximately 35,000 square feet of retail space at street level and 9,700 square feet of mezzanine office space. Construction is anticipated to start in July with a planned opening in late 2012.
At 401 M Street SE, grocer Harris Teeter has committed to approximately 50,000 square feet of street-level space for a full-service store. The building, which will be new construction, is also expected to include 220 apartment units above street level. The start of construction is anticipated by the end of 2011, with the apartments and grocery store projected to open in 2013.
At full build-out, The Yards is expected to include approximately 2,800 residential units both for lease and for sale, 1.8 million square feet of office space and 400,000 square feet of retail, shopping, dining and entertainment venues. The project's waterfront park was completed and opened in September 2010.
About Forest City
Forest City Enterprises, Inc., is a NYSE-listed real estate company with $11.5 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 Forest City Enterprises' or Forest City 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, 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, 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.
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