Press Room

Hallandale Beach, Fla. – August 5, 2009 – South Florida residents and visitors won’t have to travel far to discover the experience of a Parisian cabaret, the taste of authentic Moroccan cuisine or the thrill of surfing an ocean wave, thanks to the Village at Gulfstream Park.

Forest City Commercial Development, Inc. announces 13 retailers and restaurants will join the roster at the new leisure, fashion and entertainment destination in Hallandale Beach, opening February 11, 2010. Among the new tenants are Paradis Latin Miami, an authentic cabaret experience; Ta-Zin, offering Moroccan cuisine and entertainment; and Adrenalina, an extreme sports destination featuring the FlowRider®, a simulated, indoor surfing ride.

In addition, the following retailers and restaurants were also announced: Apricot Lane, Aventura’s Finest Hand Car Wash, Bartini’s, Bobby Chan, Claudio, Claudio Shoes, Lilly McKay, Roxstar, Shoe Freak and Via Montenapoleon.

“We are dedicated to making the Village at Gulfstream Park a diverse destination full of unique experiences from around the world,” said Will Voegele, project developer, Forest City Commercial Development.  “We’re confident that the broad array of options in food, fashion and entertainment will delight guests of all styles and tastes.”

The Village at Gulfstream Park is located conveniently on US1, less than two miles east of I-95. It will combine upscale fashion and home accessory shops with signature restaurants, outdoor cafés, entertainment, office and future hotel and residential spaces.

Anchored by Florida´s premier thoroughbred racetrack, The Village at Gulfstream Park will offer approximately 70 stores and 410,000 square feet of highly-sought retail space as well as 90,000 square feet of class A office space.

Attached is a complete list of announced tenants for The Village at Gulfstream Park. For more information, visit http://www.thevillageatgulfstreampark.com/.

Magna Entertainment Corp. MEC, which is partnering with Forest City in The Village at Gulfstream Park, is North America´s largest owner and operator of horse racetracks, based on revenue, and develops, owns and operates horse racetracks (such as Gulfstream Park) and related pari-mutuel wagering operations, including off-track betting facilities. MEC also develops, owns and operates casinos in conjunction with its racetracks where permitted by law. MEC owns and operates AmTote International, Inc., a provider of totalisator services to the pari-mutuel industry, XpressBet(R), a national Internet and telephone account wagering system, as well as MagnaBet(TM) internationally. Pursuant to joint ventures, MEC has a fifty percent interest in HorseRacing.

Forest City Commercial Development is a subsidiary of Forest City Enterprises, Inc., an $11.7 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.  For more information, visit http://www.forestcity.net/.

Safe Harbor Language

Statements made in this news release that state Forest City’s or management´s intentions, hopes, beliefs, expectations or predictions of the future are forward-looking statements. The Company´s actual results could differ materially from those expressed or implied in such forward-looking statements due to various risks, uncertainties and other factors. Risks and factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, the impact of current market conditions on our liquidity, ability to finance or refinance projects and repay our debt, general real estate investment and development risks, vacancies in our properties, further downturns in the housing market, competition, illiquidity of real estate investments, bankruptcy or defaults of tenants, anchor store consolidations or closings, international activities, the impact of terrorist acts, risks associated with an investment in a professional sports team, our substantial debt leverage and the ability to obtain and service debt, the impact of restrictions imposed by our credit facility and senior debt, exposure to hedging agreements, the level and volatility of interest rates, the continued availability of tax-exempt government financing, the impact of credit rating downgrades, effects of uninsured or underinsured losses, environmental liabilities, conflicts of interest, risks associated with developing and managing properties in partnership with others, the ability to maintain effective internal controls, compliance with governmental regulations, volatility in the market price of our publicly traded securities, litigation risks, as well as other risks listed from time to time in the Company´s SEC filings, including but not limited to, the Company´s annual and quarterly reports.