Forest City-New East Baltimore consists of Forest City Enterprises, as well as Doracon Contracting Inc. president Ronald H. Lipscomb, Dean Harrison and Kenneth Banks, three developers well known to the community for their involvement in big-ticket projects.

The first phase of the New East Baltimore Community will occupy 30 of the development's 80 acres near the Johns Hopkins medical compound, and will feature five life sciences structures with one million sf of office and laboratory space, approximately 850 townhomes, condominiums and rental units, 80,000 sf of retail space and three parking facilities to accommodate 2,300 vehicles. Much of the land for the development has already been acquired, and hoards of existing structures are in the process of being demolished to make way for the project.

Ultimately, the entire $1-billion endeavor will cover 80 acres in a dilapidated neighborhood that has long been in need of revitalization. If all goes as planned, work on the first biotech facility could get under way in mid-2005 and wrap up by 2008 along with the completion of a large segment of the residential offerings, which will be constructed by A&R Development. The projected date for the completion of the entire first phase is 2014.