MESA DEL SOL DIRECTOR OF ECONOMIC DEVELOPMENT TO DISCUSS TRANSFORMATIONAL APPROACH TO PLANNING OF NEW COMMUNITY

Albuquerque, NM – June 6, 2008 – Mesa del Sol Director of Economic Development Mark Lautman will participate in a panel discussion entitled “Latest Trends in Urban and Mixed-Use Development” on Monday, June 9 from 3:45 to 5 p.m. at the IEDC summer show June 8-10 at the Westin Charlotte Hotel in Charlotte, NC.

Lautman’s presentation focuses on the three aspects of Forest City Covington’s approach to their massive master planned community project in Albuquerque, New Mexico that make it unique and transformational – an innovative ownership structure that gives the public sector a share of the developer’s profits, a no-net expense development approach that ensures that new development pays its own way by creating economic base jobs ahead of housing and an aspirational master planning and development approach that endeavors to design and manage specific sustainability, workforce housing, health and wellness, education and economic development elements into the project.

Mesa del Sol is one of the largest mixed-use, master-planned community projects in the U.S. A public-private partnership led by Forest City Enterprises is transforming the mesa into a community for 37,000 residential units and 18 million square feet of industrial, office and retail space that will accommodate 100,000 residents and 50,000 new jobs.

One innovation is the creation of an in-house economic development business unit at Mesa del Sol. This economic development team has established five new technologies-based micro clusters to attract, start up and grow the highly specialized target economic industries.

“As communities struggle to find strategies to develop new technology based economic sectors, they must find ways to help the employers deal with the forces of creative destruction, a growing shortage of talent, inflation and climate change,” said Lautman. “The developers of Mesa del Sol and their public partners in New Mexico have chosen to focus initial economic development efforts on five technology based industry sectors: Entertainment and Digital Media, Federal Government Services, Renewable Energy and Sustainable Materials, Financial Services and Medical Sports and Wellness.”

Since 2005, Mesa del Sol has been able to attract anchor tenants for four of the five-targeted clusters, including Advent Solar, SCHOTT Solar, Sony Pictures Imageworks, Albuquerque Studios and Fidelity Investments. Construction of the Town Center is now underway. In early 2008, SCHOTT Solar and Fidelity Investments announced they would move to Mesa del Sol and both have begun construction on their facilities. Overall, these efforts have created more than 11 projects under contract, in the ground and/or occupied with 3,610 jobs and a total of 1.3 million square feet.

About Mesa del Sol

Mesa del Sol is a 12,900-acre mixed-use district located on Albuquerque’s south mesa. By combining job creation and sustainable urban community planning, Mesa del Sol will reflect a balance of environmental resources, economic objectives and social amenities in a community that is forward-looking with a highly defined sense of place. www.mesadelsolnm.com.

Mesa del Sol is a true public/private partnership. In addition to Forest City Covington, NM, LLC, Mesa del Sol is being developed in conjunction with other partners, including the New Mexico State Land Office, the University of New Mexico, with the support of the City of Albuquerque, Bernalillo County and the State of New Mexico.

About Forest City Covington

Forest City Covington NM, LLC is a joint venture between Forest City NM. LLC and Covington NM, LLC. Forest City NM, LLC is a subsidiary of Forest City Enterprises, Inc., a $10 billion NYSE-listed national real estate company. The Company is principally engaged in the ownership, development, management and acquisition of commercial and residential real estate and land throughout the United States. Covington NM, LLC is an affiliate company of Covington Capital Corporate, a major real estate development and investment company. Covington Capital and its affiliate companies currently own more than 13 million square feet of commercial/industrial space and are actively developing more than 17,000 acres of land in the Western United States.

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