Magna Entertainment and Forest City announce joint venture partnership agreement for The Village at Gulfstream Park
Equestrian News Release
AURORA, ON and CLEVELAND, OH, Oct. 21 /PRNewswire-FirstCall/ -- Magna Entertainment Corp. ("MEC") (NASDAQ: MECA; TSX: MEC.SV.A) and Forest City Enterprises, Inc. ("Forest City") (NYSE:FCEA)(NYSE:FCEB) today announced that MEC and Forest City have entered into a joint venture partnership agreement concerning the planned development of "The Village at Gulfstream Park(TM)", a 55-acre, mixed- use retail, entertainment and residential project in Hallandale, Florida.
The planned first phase of The Village at Gulfstream Park(TM) is the unique integration of a cutting edge lifestyle shopping, residential, hotel and entertainment environment with MEC's recently expanded and renovated Gulfstream Park, a premier Florida racetrack, serving as an anchor to the property. The first phase is expected to incorporate approximately 250 residential units and 400,000 square feet of lifestyle retail shops, restaurants, and entertainment facilities, including some of the most sought-after national and local tenants. It will be the first lifestyle center in the country built in conjunction with a state of the art thoroughbred horse racing facility.
"We are very proud to have Forest City as our partner in what I believe will be one of the greatest destination locations in North America," said Frank Stronach, Chairman of MEC. "I am very optimistic that this destination of The Village at Gulfstream Park will be a prototype for the future."
Gulfstream Park is located in the heart of the Miami, Dade, Broward, West Palm Beach area, one of the largest and fastest growing regions in the United States. This area of southeast Florida also contains some of the highest producing shopping centers in the country. The grand opening of The Village at Gulfstream Park(TM) is projected for Fall 2007.
"Forest City is extremely pleased to have culminated this strategic partnership with MEC. Given the unique integration with MEC's groundbreaking thoroughbred horse racing facility, The Village at Gulfstream Park will be one of the highest profile, most exciting and vibrant developments of it's kind in the country," commented Brian Ratner, President of East Coast Development, Forest City.
The Village at Gulfstream Park(TM) is ultimately planned to incorporate a unique residential village overlooking the picturesque Gulfstream Park racetrack, Florida's inner-coastal waterway and the Atlantic Ocean beyond. Future phases also anticipate a hotel and commercial office space.
Under the agreement with MEC, Forest City will manage the development of The Village at Gulfstream, Park(TM), secure financing for the project and act as the property manager.
MEC is North America's largest owner and operator of horse racetracks, based on revenue. It develops, owns and operates horse racetracks and related pari-mutuel wagering operations, including off-track betting facilities. Additionally, MEC owns and operates XpressBet(R), a national Internet and telephone account wagering system, and Horse Racing TV(TM), a 24-hour horse racing television network, as well as RaceONTV(TM) and MagnaBet(TM) internationally.
Forest City Enterprises, Inc. is a $7.4 billion NYSE-listed national real estate company. The Company is principally engaged in the ownership, development, acquisition and management of mixed-use projects, retail centers, apartment communities, office buildings and land development projects throughout the United States. It is currently developing a second Florida property, The Shops at Wiregrass in North Tampa, part of a master planned community.
With respect to Magna Entertainment Corp.:
This press release contains various "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). The Act provides certain "safe harbor" provisions for forward-looking statements. All forward-looking statements made in this press release are made pursuant to the Act. The reader is cautioned that these statements represent our judgment concerning the future and are subject to risks and uncertainties that could cause our actual operating results and financial condition to differ materially. Such risks and uncertainties include those set forth in our Annual Report on Form 10-K for the year ended December 31, 2004, filed with the Securities and Exchange Commission, under the heading "Business-Risk Factors". Other important factors that could cause actual results to differ materially from our expectations include, but are not limited to: real estate investment risks, economic conditions in target markets, reliance on major tenants, zoning and other restrictions on land use, environmental liabilities, competition, partnership risks and changes in laws and regulations. Forward- looking statements are typically identified by the use of terms such as "may," "will," "expect," "anticipate," "estimate," and similar words, although some forward-looking statements are expressed differently. Although we believe that the expectations reflected in such forward-looking statements are reasonable we can give no assurance that such expectations will prove to be correct.
With respect to Forest City Enterprises, Inc.:
Statements made in this news release that state the Company or management's intentions, hopes, beliefs, expectations or predictions of the future are forward-looking statements. It is important to note that the Company's actual results could differ materially from those projected in such forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those in the forward- looking statements include, but are not limited to, real estate development and investment risks, economic conditions in the Company's target markets, reliance on major tenants, the impact of terrorist acts, the Company's substantial leverage and the ability to service debt, guarantees under the Company's credit facility, changes in interest rates, continued availability of tax-exempt government financing, the sustainability of substantial operations at the subsidiary level, significant geographic concentration, illiquidity of real estate investments, dependence on rental income from real property, conflicts of interest, competition, potential liability from syndicated properties, effects of uninsured loss, environmental liabilities, partnership risks, litigation risks, and other risk factors as disclosed from time to time in the Company's SEC filings, including, but not limited to, the Company's Annual Report on Form 10-K for the year ended January 31, 2005.
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