EXHIBIT 99.1


AT THE COMPANY
- ---------------
Thomas G. Smith
Executive Vice President,
Chief Financial Officer
216-621-6060


Thomas T. Kmiecik
Assistant Treasurer
216-621-6060

FOR IMMEDIATE RELEASE

FOREST CITY COMPLETES
$300 MILLION SENIOR NOTE OFFERING

CLEVELAND - MAY 14, 2003 - FOREST CITY ENTERPRISES, INC. (NYSE: FCEA AND FCEB)
today announced that it has agreed to sell $300 million of 7.625% Senior Notes
due 2015 in a public offering, which is expected to close May 19, 2003.

The Company expects to use the net proceeds from the offering to redeem all of
the Company's outstanding $200 million 8.5% Senior Notes due 2008, and repay
recourse debt outstanding under the company's $250 million  revolving credit
facility. The remainder of the proceeds will be used for general working
capital purposes, including the financing of ongoing development, acquisition
and construction activities of the Company.

The underwriters of this offering are Goldman, Sachs & Co., Merrill Lynch & Co.,
McDonald Investments Inc., NatCity Investments, Inc., ABN AMRO Incorporated,
Bank of New York, Comerica Securities, Credit Lyonnais Securities, Fleet
Securities, Inc. and U.S. Bancorp Piper Jaffray. A copy of the final prospectus
may be obtained from the Prospectus Department at Goldman, Sachs & Co., 85 Broad
Street, New York, New York 10004, or by calling (212) 902-1171.

This press release shall not constitute an offer to sell or the solicitation of
an offer to buy nor shall there be any sale of these securities in any state in
which such offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state.

Forest City Enterprises, Inc. is a $5 billion NYSE-listed real estate company
headquartered in Cleveland, Ohio. The Company is principally engaged in the
ownership, development, acquisition and management of commercial and residential
real estate throughout the United States. The Company's portfolio includes
interests in retail centers, apartment communities, office buildings and hotels
in 21 states and the District of Columbia.

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