Developers Diversified

(DDR)

and Coventry Real Estate Advisors formed a joint venture with Harbor Cos. to develop Bloomfield Park in suburban Detroit.

The Cleveland-based company said that the first phase of the devlopment, which has a proforma cost of about $250 million, will comprisea 560,000 square foot retail lifestyle center, plus residential and office uses. The remaining phases is expected to consist additional retail, residential and office uses.

The property, on an 88-acre site in Bloomfield Hills, Mich., will be developed through a joint venture of Developers Diversified and Coventry Real Estate Fund II.

The fund and Developers Diversified have agreed to jointly acquire and develop value-added retail properties in the U.S.

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