1. JON WALLENSTROM
PRESIDENT
Jon Wallenstrom isthe Presidentof ForestCity Hawaii. Jon is leading ForestCity’s partnershipwith the State of Hawaii todevelop over
2300homesonthe Big Island of Hawaii ina mixed-use,mixed-incomeproject.Theprojectwillbringapproximately$750M innew
developmentto the state. Moreover,Jon is currentlyleadingefforts to developa $92 millionCommunityCenter in Kona on an adjacent26
acreparceloflandownedby the Departmentof HawaiianHomeLands. Inadditionto leadingForestCity’s traditionaldevelopmentefforts
in Hawaii,Jonis developingtwo photovoltaic farms. Thetwoprojectsareslatedto start earlyin 2011andwill be amongthe largestPV
farmsin Hawaii addingtotalapproximatelyfourmegawattsof renewableenergyon the Hawaiigrid.
Jon haslead ForestCity as the companydeveloped fourphases inits partnershipwiththe Departmentof the Navy. Threeofthe four
phasesclosedunderJon’stenureand the project’ssize quadrupledtoits currentvalue of OneBillionSeven HundredMillion
($1,700,000,000)underdevelopment.Thedevelopmentisbeingconductedonaportfolioof 6500homes,with the majoritybeing
demolishedandreplaced.In additiontothe new construction,hundredsofmillionsofdollarswerebeingspent on historic renovationsand
other improvements. Thedevelopmentefforton the Navy projectis largelycompleteasthereare less than 500homesto be delivered
over four years ona projectthat was producing1000homes peryear.
UnderJon’s tenure ForestCity’s projectwiththe Navy rolledout a sustainabilityprogram that has resultedin a numberofdifferent awards
from the Departmentof Energy, PV and solarthermalinstallations,hundredsofthousandsof dollarsin estimatedannualsavings,and
widerecognitionfrom theDepartmentofEnergy as an industryleadingbuilder/developer. Projectscurrentlyunderwayon boththe Navy
andMarineProjectsincludetwoneighborhoodsbuilttoLEEDstandards, nineLEED goldhomesand oneLEED platinum home,aLEED
silver office building,a218homecommunityof individualhomesbuilttoLEED standards, andthree net-zero energyhomes.
Prior to workingwith ForestCity, JonfoundedA&E RealEstate, LLC in 2003. Thecompanywasinvolved in a numberofprojects inthe
greaterWashingtonD.C. area. Prior to owninghisown business,Jon Wallenstrom ledArchstoneCommunitiesTrust’sdevelopment
efforts in the mid-Atlantic region. As Archstone’sGroupVicePresident, Jon developedover $650millioninluxuryapartmentcommunities
andhas developedover $870millioninthecourseof his career.Jonstarted Archstone’s Washington,DC officeinlate 1997andby 1999
hadone of the deepestdevelopmentpipelinesinWashington,DC. Jon’s experienceextendstoall of Washington’ssubmarkets,aswell
as the Boston, Philadelphia,andRichmondmarkets. Jonhas developedover 4,000 luxurymulti-familyunitsin the Mid-Atlantic region.
Prior to joiningArchstone,Jon was withJPI Development wherehehelpedopentheir WashingtonDCoffice. Jon is currentlya memberof
the HonoluluULIDistrictCouncil. He has been a memberofthe UrbanLandInstitute’s WashingtonDC DistrictCouncilwherehe was
deeplyinvolved in UrbanPlan, a program whererealestate executive work withhigh schoolstudentsto teachthem aboutthe processand
choicesinvolvedinchangingthebuiltenvironment. Jon alsoworked withthe DC Public Schoolstoweighproposalsforprivatizing
underutilizedschoolfacilities. Hecurrentlyserves as a memberofthe HawaiiBusinessRoundtableandasa memberofthe boardof the
HonoluluTheatreCenterand the boardof HousingHawaii. He has served as a memberofthe JohnsHopkinsUniversity RealEstate
Institute and has served on the Boardof Directorsof the LandownersEconomic Allianceforthe DullesExtensionof Rail(LEADER) and as
a memberofboth the NorthernVirginiaand SuburbanMarylandBuildingIndustryAssociationMultifamilyCouncil.
UnderJon’s leadershipForestCityhas wona numberof awardsincluding the“NavyInstallationHousingTeamof the Year” awardfor two
consecutiveyears (2006and2007) and a 2007“Project of the Year” meritawardfrom MultifamilyExecutive. TheNavy projecthasalso
receivednumerousawardsrecognizinghistoric renovationefforts. Jon’s projectsonthe mainland havewonawardsfor designand
performanceandhavebeenrecognizedbythe MarylandOfficeof Smart Growthas positive contributorsto the communitiesin whichthey
werebuilt. Awards include:“BuildingIndustryAssociation BestMid-Rise,2002;” “Fastest Lease-UpPace SuburbanMaryland,2000and
2002;”“Excellencein Landscaping,2000and2002;”“LandmarkMid-AtlanticApartment Sale,1999;” “LandmarkApartment Sale,1998;”
“LandmarkApartment Sale,1997.” Jon alsoreceivedthe “2000Archstone Award for Development”offeredto the developerwhomakes
the most significantcontributiontothecompany.
Jon holdsa BA from PrincetonUniversity andspends hisnon-workhours dividingdriving dutieswith his wifetaxiingkids from violin
lessons,soccergames,andotherevents.