Forest City to co-develop N. Mexico project

Forest City to co-develop N. Mexico project
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Forest City Enterprises Inc.
By LESLIE STROOPE2:09 pm, June 21, 2006

A joint venture between Cleveland-based real estate developer Forest City Enterprises Inc. (NYSE: FCEA) (NYSE: FCEB) and Covington NM LLC has spent $9 million to purchase 3,000 acres in Albuquerque, N.M., from the University of New Mexico.Forest City Covington NM LLC’s land buy comes as part of a mixed-use development agreement the entity signed with government and university officials in 2005 to develop 9,000 acres at the Mesa del Sol site over “several decades,” according to a Forest City Enterprises statement. Forest City Covington has the option to buy the remaining 6,000 acres of land from the New Mexico State Land office, according to the statement.”Mesa del Sol demonstrates our commitment to develop large, mixed-use projects in growth markets,” said Forest City Enterprises president and CEO Charles A. Ratner in a statement.”We are excited about this long-term development opportunity and are pleased to reach this significant milestone of purchasing the first 3,000 acres,” he said. “Building on our experience at University Park at MIT in Boston and Stapleton in Denver, our vision for Mesa del Sol is to create a new, sustainable community within the thriving city of Albuquerque.”The University of New Mexico will use the $9 million towards an endowment fund established for student scholarships at the school, according to a Forest City Covington NM statement.A message left at Forest City Enterprises was not immediately returned.