RE Firm, Navy Form Housing Venture

Forest City Enterprises Inc., a Cleveland-based real estate company, has announced a 50-year partnership agreement between its Forest City Military Communities subsidiary and the U.S. Navy for the ownership, development, and management of military family housing in the Chicago area.The parent company said Midwest Family Housing LLC, a public/private venture focused on Navy family housing, has been formed as a result of the agreement, which is aimed at "the privatization and upgrading" of military family housing. The venture will be responsible for the redevelopment of family housing at Naval Station Great Lakes and at Navy housing areas in North Chicago, Glenview, Highwood, and Highland Park in Illinois and in Crane, Ind. The project will involve demolition, renovation, and new construction expected to result in approximately 1,650 homes. Forest City can be found online at http://www.forestcity.net.