Beachwood, Ohio -- DDR Corp. announced Tuesday that it has expanded its redevelopment program in Puerto Rico from $50 million to $90 million.
"Increased demand for quality retail space in this supply-constrained market has created unique value-add opportunities in many of our most productive assets," said Paul Freddo, senior EVP leasing and development, DDR. "By executing our strategic redevelopment plan, we are creating attractive opportunities for our key domestic tenants to establish or expand their presence on the island."
The following projects highlight DDR's redevelopment initiative in Puerto Rico:
- Plaza del Sol, a 690,000-sq.-ft. enclosed mall anchored by Walmart, Home Depot, Bed Bath & Beyond, Caribbean Cinemas and Old Navy, features a new 10,500-sq.-ft. food court, which was relocated from the lower level to the upper level of the mall. Phase two will include the construction of approximately 137,000 sq. ft. of new GLA to accommodate the expansion of a key anchor, as well as construction of additional junior anchor boxes with an expected completion in fall 2014.
- At Rexville Plaza, a 131,000-sq.-ft. community center, DDR added a new Marshalls and CVS, which replaced an underperforming Pueblo Supermarket and increased NOI by more than 10%.
- The transformation at Plaza del Norte, a 680,000-sq.-ft. enclosed mall anchored by Walmart, Sears, J.C. Penney, T.J. Maxx and Rooms to Go, includes the consolidation of three vacant small shop units to accommodate a new PetSmart, as well as a new Caribbean Cinemas theater on the upper level.
- The redevelopment of Plaza Fajardo, a 250,000-sq.-ft. power center anchored by Walmart and Econo Supermarket, will include the construction of two new box spaces for PetSmart and Shoe Carnival, both of which are expected to open in fall 2013.