Exhibit 99.1

FOR IMMEDIATE RELEASE

Forest City Announces Partial Redemption of 7.625 Percent Senior Notes Due 2015

CLEVELAND, Ohio – July 18, 2012 -- Forest City Enterprises, Inc., (NYSE: FCEA and FCEB) today announced that it has provided notice to the indenture trustee, The Bank of New York Mellon Trust Company, N.A., of Forest City’s intention to redeem an aggregate principal amount of $125 million of its 7.625 percent Senior Notes due 2015 (the “Notes”) outstanding on August 20, 2012 (the “Redemption Date”), pursuant to the terms of the Notes. The redemption price will be 100 percent of the principal amount of the Notes redeemed, plus any accrued and unpaid interest up to, but not including, the Redemption Date. Following the redemption, approximately $53.3 million of the Notes will remain outstanding.

“This transaction is another example of our ongoing focus on strengthening our balance sheet and building a strong, sustaining capital structure,” said David J. LaRue, Forest City president and chief executive officer. “We are committed to continuing to improve our debt metrics, while also using capital to selectively invest in new development opportunities, primarily through existing entitlement in our core markets.”

Funding for the redemption comes primarily from the company’s previously announced offering of $125 million aggregate principal amount of 7.375 percent Senior Notes due 2034, which closed on July 3, 2012.

About Forest City

Forest City Enterprises, Inc. is an NYSE-listed national real estate company with $10.5 billion in total assets. 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 www.forestcity.net.

Safe Harbor Language

Statements made in this news release that state the company’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. 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 impact of current lending and capital market conditions on its liquidity, ability to finance or refinance projects and repay its debt, the impact of the current economic environment on its ownership, development and management of its real estate portfolio, general real estate investment and development risks, vacancies in its properties, further downturns in the housing market, competition, illiquidity of real estate investments, bankruptcy or defaults of tenants, anchor store consolidations or closings,

international activities, the impact of terrorist acts, risks associated with an investment in a professional sports team, its substantial debt leverage and the ability to obtain and service debt, the impact of restrictions imposed by its credit facility and senior debt, exposure to hedging agreements, the level and volatility of interest rates, the continued availability of tax-exempt government financing, the impact of credit rating downgrades, effects of uninsured or underinsured losses, effects of a downgrade or failure of our insurance carriers, environmental liabilities, conflicts of interest, risks associated with the sale of tax credits, risks associated with developing and managing properties in partnership with others, the ability to maintain effective internal controls, compliance with governmental regulations, increased legislative and regulatory scrutiny of the financial services industry, volatility in the market price of its publicly traded securities, inflation risks, litigation risks, as well as other risks listed from time to time in the company’s SEC filings, including but not limited to, the company’s annual and quarterly reports.

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