MEC Has Partner for Gulfstream Park 'Village'

Edited press release

Magna Entertainment Corp. and Forest City Enterprises have entered into a partnership on the proposed Village at Gulfstream Park, a retail, entertainment, and residential development that will dovetail with racing and gaming operations at the Hallandale Beach, Fla., racetrack.

The project could be completed by the fall of 2007. A rebuilt Gulfstream is scheduled to open in early January 2006 for live racing, while the timetable for a slot-machine parlor remains unclear as the issue winds it way through the political process in the state.

The 55-acre Village will offer shopping, residential and hotel units, and entertainment options, with the racetrack what MEC calls the "anchor" of the property. The first phase will incorporate 250 residential units and 400,000 square feet of retail, restaurant, and entertainment facilities.

MEC said it would be "the first lifestyle center in the country built in conjunction with a state-of-the-art Thoroughbred horse racing facility."

"We are very proud to have Forest City as our partner in what I believe will be one of the greatest destination locations in North America," MEC chairman Frank Stronach said in a release. "I am very optimistic that this destination of The Village at Gulfstream Park will be a prototype for the future."

The Village at Gulfstream Park is ultimately planned to incorporate a unique residential village overlooking the racetrack, the Intracoastal Waterway and the Atlantic Ocean. Future phases call for a hotel and commercial office space.

Under the agreement with MEC, Forest City will manage the development of the Village, secure financing for the project, and act as the property manager. MEC recently said it had secured another loan to help complete the racetrack rebuild.

Forest City Enterprises is a $7.4-billion New York Stock Exchange-listed national real estate company. The company is principally engaged in the ownership, development, acquisition, and management of mixed-use projects, retail centers, apartment communities, office buildings, and land development projects throughout the United States.