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Forest City Enterprises (NYSEFCEA, NYSEFCEB) is a $9-billion diversified real estate management and development company based in Cleveland, Ohio. Its portfolio includes interests in retail centers, apartment communities, office buildings and mixed-use projects in the U.S. The company has recently expanded into military housing communities[1].

Contents

History

Forest City was founded as a family-owned lumber and hardware business in the 1920s by Charles, Leonard, Max and Fannye Ratner. In the 1930s, the company made its first foray into real estate, purchasing lots for commercial development and its first apartment building.

During World War II, the company made pre-fabricated houses for government housing and began building strip malls. In 1955, Forest City began converting its lumberyards, Forest City Lumber into do-it yourself home stores.

In 1960, Forest City became a publicly traded company. In the 1980s, the company began divesting of its non-core real estate holdings. The company sold its retail lumber business to Handy Andy Home Improvement Center in 1987. [2].

Projects

Projects developed or under development by Forest City include[3]:

  • Mesa del Sol, 18,000,000 square feet (1,700,000 m2) of office and industrial space, 37,500 homes,40,000 jobs for 100,000 residents, 5,300 acres (21 km2) for parks and open space, and numerous schools and ongoing education facilities located in Albuquerque, New Mexico and co-owned by Covington Capital.
  • Tower City Center, a mixed-use urban redevelopment project that transformed the mostly-vacant Union Terminal building in Downtown Cleveland into a mall, transit, office, and hotel structure.

References

External links

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