SOURCE: Developers Diversified Realty

April 21, 2005 11:33 ET

Developers Diversified Announces Shopping Center Redevelopment Project in Birmingham, Alabama

CLEVELAND, OH -- (MARKET WIRE) -- April 21, 2005 -- Developers Diversified Realty today announced redevelopment plans for Riverchase Promenade, a 228,344 square-foot community shopping center located at the intersection of Interstate 459 and Highway 31, in Birmingham, Alabama. The redevelopment project will include construction of an 11,900 square-foot David's Bridal and up to 10,000 square-feet of shop space on the site of a former Kids "R" Us. Originally built in 1990, Riverchase Promenade will undergo a "major face lift" and feature a new storefront facade, significantly improving the shopping center's appearance.

Riverchase Promenade features a strong tenant mix including Toys "R" Us, Goody's, Marshalls, Hancock Fabrics, Pier One Imports, Payless Shoesource, Coconuts, Rack Room Shoes, Beauty World, Hobby Town USA and Plato's Closet.

Riverchase Promenade is owned by Macquarie DDR Trust (MDT), an Australian listed property trust managed by a joint venture company owned by Developers Diversified and Macquarie Bank. The property is leased and managed by Developers Diversified, a fully integrated real estate investment trust (REIT) engaged in the business of developing, leasing and managing shopping centers. Developers Diversified currently owns and manages over 470 operating and development properties totaling approximately 108 million square feet of real estate in 44 states and Puerto Rico, including approximately two million square feet in Alabama. Additional information about Developers Diversified is available on the Internet at http://www.ddr.com.

Contact Information

  • Contact:
    Scott R. Schroeder
    Vice President of Marketing and Corporate Communications
    Developers Diversified Realty
    216.755.5500