Forestar Celebrates Grand Opening Of Promesa

Forestar Group Inc. (NYSE: FOR) celebrated the grand opening of Austin’s newest multifamily lifestyle community, Promesa, today in a ceremony with the Four Points Chamber of Commerce. As part of its ongoing focus on environmental stewardship, Forestar donated $5,000 to The Nature Conservancy in support of the Balcones Canyonlands Conservation Plan, which includes the nature preserve that sits adjacent to Promesa. A commemorative oak tree also was planted at Promesa highlighting Forestar’s vision to build a new type of lifestyle community that fully embraces sustainability and natural beauty.

“Promesa is a reflection of how Forestar’s multifamily initiative is embracing a commitment to being visionary, innovative and accountable,” said Jim DeCosmo, President and Chief Executive Officer of Forestar. “It is one of only a handful of apartment communities to participate in the Austin Energy Green Building Program, and the first community to have each apartment home individually certified.”

Located just off RM 2222 in west Austin, the 14-building community is conveniently located near shopping, dining and many outdoor activities, and is only minutes from downtown Austin. Nestled in a wooded setting with serene hill country views, Promesa offers 1, 2 and 3 bedroom apartment homes in a resort-like setting.

The opening of Promesa is the culmination of Forestar’s vision to provide residents with a community that embraces lifestyle preferences and allows residents to “Live with Purpose.” Promesa combines green spaces, energy conservation and architectural craftsmanship in 289 uniquely designed apartments available in six spacious floor plans. Common-area amenities include a resort-style pool, outdoor grilling area and fireside lounge, dog park with grooming area, media room, tech center with conference room and a state-of-the-art athletic center.

“Promesa represents a key milestone among Forestar’s multifamily initiatives,” notes Tom Etheredge, Executive Vice President-Multifamily Operations. “We are committed to creating exceptional places for people to live, blending excellent locations, high-quality construction, a broad array of lifestyle amenities, and a commitment to sustainability. Our multifamily business strategy is to leverage our experienced team and corporate resources with outside financial capital to create value for our shareholders, partners and community stakeholders.”

The architect for the modern ranch-style apartment community is Kelly Grossman Architects, and the chic urban interior design was created by Leslie Fossler Interiors. The property is being professionally managed by Greystar.

For more information about Promesa – including a virtual visit with two- or three-dimensional view floor plans, exact pricing and availability – visit www.promesaliving.com or call us at 512.341.2222.

About Forestar Group

Forestar Group Inc. operates in three business segments: real estate, mineral resources and fiber resources. At year-end 2011, the real estate segment owns directly or through ventures almost 147,000 acres of real estate located in nine states and twelve markets in the U.S. The real estate segment has 16 real estate projects representing approximately 27,600 acres currently in the entitlement process, and 75 entitled, developed and under development projects in seven states and eleven markets encompassing over 16,400 acres, comprised of approximately 27,100 residential lots and over 2,400 commercial acres. The mineral resources segment manages about 595,000 net acres of oil and gas mineral interests located principally in Texas, Louisiana, Alabama, and Georgia. Also included in the mineral resources segment is a 45% nonparticipating royalty interest in groundwater produced or withdrawn for commercial purposes from approximately 1.4 million acres in Texas, Louisiana, Georgia and Alabama and about 17,800 acres of groundwater leases in central Texas. The fiber resources segment includes the sale of wood fiber and management of our recreational leases. Forestar’s address on the World Wide Web is www.forestargroup.com.

Forward-looking Statements

This release contains “forward-looking statements” within the meaning of the federal securities laws. These statements reflect management’s current views with respect to future events and are subject to risk and uncertainties. We note that a variety of factors and uncertainties could cause our actual results to differ significantly from the results discussed in the forward-looking statements. Factors and uncertainties that might cause such differences include, but are not limited to: general economic, market, or business conditions; the opportunities (or lack thereof) that may be presented to us and that we may pursue; fluctuations in costs and expenses including development costs; demand for new housing, including impacts from mortgage credit availability; lengthy and uncertain entitlement processes; cyclicality of our businesses; accuracy of accounting assumptions; competitive actions by other companies; changes in laws or regulations; and other factors, many of which are beyond our control. Except as required by law, we expressly disclaim any obligation to publicly revise any forward-looking statements contained in this news release to reflect the occurrence of events after the date of this news release.

Copyright Business Wire 2010

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