MEC Reaches Deal for Gulfstream Redevelopment
Updated: Saturday, April 24, 2004 3:08 PM
Posted: Thursday, April 22, 2004 8:22 AM
Magna Entertainment Corp. and real-estate company Forest City Enterprises, Inc. will partner on a planned 80-acre development at Gulfstream Park that will include retail and entertainment facilities and a residential village that overlooks the track.
The first phase of The Village at Gulfstream Park will add 600,000 square feet of retail shops, restaurants, and cinema that will include "some of the most unique and sought-after national and local tenants," according to a company statement.
"We are extremely pleased to enter into this agreement with Forest City," said Frank Stronach, chairman of MEC. "The combination of Gulfstream's extraordinary location and entertainment experience with the capabilities of Forest City, one of the pre-eminent development companies in the United States, puts us in a position to create a compelling retail-entertainment destination for virtually every type of consumer."
The grand opening of The Village at Gulfstream Park is scheduled for October 2006. To follow would be the addition of residential units and possibly a hotel and commercial office space.
"We consider Gulfstream Park one of the most attractive retail- entertainment and residential development sites in the country," said Brian Ratner, president of Forest City East Coast Development. "The combination of this exceptional location, Gulfstream Park as an anchor attraction, and the collection of retailers who are eager to participate in this vibrant market area, will make for one of the most desirable mixed-use projects in the country."
Under the agreement, Forest City will manage the development of The Village at Gulfstream Park, secure financing for the project, and act as the property manager. Both Forest City and MEC will hold a 50% interest in the venture and the land will be leased from MEC on a long-term basis.
Forest City is listed on the New York Stock Exchange and is headquartered in Cleveland, Ohio. Its portfolio includes interests in retail centers, apartment communities, office buildings, and hotels in 20 states and the District of Columbia.
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