BEACHWOOD, Ohio, Jan. 16, 2013 /PRNewswire/ -- DDR Corp. (NYSE: DDR) is pleased to announce the successful completion and further expansion of redevelopment activity at four prime assets in Puerto Rico. As a result of strong tenant demand and the successful execution of previously announced projects, DDR has expanded its redevelopment program on the island 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 executive vice president of leasing and development for 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 square-foot enclosed mall anchored by Walmart, Home Depot, Bed Bath & Beyond, Caribbean Cinemas and Old Navy, features a new 10,500 square-foot food court which was relocated from the lower level to the upper level of the mall. With this relocation, DDR has improved the merchandising offering and credit quality of food court tenants, and will add 25,000 square feet of new in-line retail space through the highly trafficked lower level corridor to replace the former food court. With its center court location, DDR is excited to introduce several new best-in-class tenants including Victoria's Secret, Bath & Body Works, Claire's, Sketchers and Aeropostale. Phase two of Plaza del Sol's redevelopment will include the construction of approximately 137,000 square feet 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 the Fall of 2014.