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May 3, 2007
Forest City Announces Redevelopment Agreement for Historic Presidio Building in San Francisco
Press release, via Business Wire
CLEVELAND--(BUSINESS WIRE)--Forest City Enterprises, Inc. (NYSE:FCEA)(NYSE:FCEB) today announced that it has signed an agreement with the Presidio Trust to redevelop a former public health service hospital in the Presidio of San Francisco into an apartment community. The Presidio Trust was established in 1996 to manage the Presidio of San Francisco, an historic, former army base located at the foot of the Golden Gate Bridge and now a national park.
The Forest City development will create up to 161 residential units. The historic buildings on the site will be rehabilitated and the non-historic wings of the main hospital building will be removed to make way for new construction. Forest City intends to use sustainable practices and materials for the project and will seek the Green Building Council’s Silver Certification for Leadership in Energy and Environmental Design (LEED). The main hospital was closed in 1981 and has been empty awaiting rehabilitation.
Charles A. Ratner, president and chief executive officer of Forest City Enterprises, said, “The Presidio is a national treasure, an ideal project for Forest City to use our adaptive re-use/historic preservation experience. By restoring historic landmarks, and converting them into vibrant housing and neighborhoods, we are helping to preserve America’s heritage. Sustainability is also very important to our organization. Guided by this core value at the Presidio, we are committed to development that fosters sensitivity to the site, reduces resource consumption and minimizes the project’s environmental footprint.”
Posted by lumi at May 3, 2007 6:56 AM