Press Room

Hallandale Beach, Fla. – February 26, 2009 – Thirteen restaurants, 17 retailers and two trendy nightclubs are among the mix of tenants coming to The Village at Gulfstream Park, developer Forest City Commercial Development announced today.

Among the 32 tenants are restaurants such as III Forks, Ola Cuba by Chef Douglas Rodriguez and Texas de Brazil; home stores including Crate and Barrel, Pottery Barn and West Elm; designer clothing retailers Fender Rock & Roll Religion, Martier and Vogue Couture as well as two nightclubs – Santanera and Greenhouse Nightclub, which will bring South Beach and New York-inspired, eco-friendly night life to Hallandale Beach.

The Village at Gulfstream Park is set to open February 11, 2010 and will combine upscale fashion and home accessory shops with signature restaurants, outdoor cafés, entertainment, office and future residential spaces. With 70 stores covering more than 410,000 square feet of highly-sought retail space, The Village at Gulfstream Park will quickly become the leisure, fashion and entertainment destination for South Florida.

The following is a list of retailers: III Forks, American Pie Brick Oven Pizza, Atelier, Brio Tuscan Grille, Cadillac Ranch, Cantina Laredo, Crate and Barrel, Fender Rock & Roll Religion, Greenhouse Nightclub, Häagen-Dazs, Lamborghini Café, Martier, Next Authentic, Ola Cuba by Chef Douglas Rodriguez, Pacific Paradise, Pottery Barn, PrimeBar, Rock Star, Romeo and Juliet Couture, Santanera, Scala, Scene, Texas de Brazil, The Container Store, The Cheese Course, The Playwright Irish Pub, Vahalla Menswear, Venetian Salon, Vogue Couture, West Elm, Williams-Sonoma and Z Gallerie.

“We are thrilled to announce a great line-up of tenants, including upscale boutiques and home furnishings, signature restaurants and exciting entertainment for The Village at Gulfstream Park,” said Will Voegele, project developer, Forest City Commercial Development.  Voegele adds that The Village at Gulfstream Park would not have been possible without the support and partnership of the City of Hallandale Beach and Mayor Joy Cooper.

“The Village at Gulfstream Park is an exciting development for the residents of Hallandale Beach. We have long envisioned this exciting and vibrant development in our community and look forward to its opening,” said Cooper.

The Village at Gulfstream Park, anchored by Florida´s premier thoroughbred racetrack, is located conveniently on US1, less than two miles east of I-95. In addition to more than 410,000 square feet of retail space, the center also includes more than 80,000 square feet of upper-level office space. For more information, visit http://www.thevillageatgulfstreampark.com/.

Magna Entertainment Corp. MEC, North America´s largest owner and operator of horse racetracks, based on revenue, 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., a $10.9 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.  Real estate development 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 inability to secure sufficient financing on favorable terms, construction risks, increases in commodity costs, the inability to obtain required governmental permits and authorizations, the inability to secure tenants or anchors for the project, the withdrawal of a prospective anchor or project partner, opposition from third parties, competition in the target market, economic conditions in the target market, the adverse impact of environmental matters, softening of the housing market, 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 and quarterly reports.