Beachwood, Ohio -- Shopping center owner and developer Developers Diversified Realty Corp. said Wednesday it will raze Terrell Plaza shopping center in San Antonio, Texas, and an existing two-story enclosed mall at Tamarac Square in Denver, Colo., to accommodate Target Corp.’s construction of two new stores.
DDR said it intends to redevelop adjacent retail space at both centers.
"The redevelopment of two non-income producing assets into prime shopping centers is a perfect example of the continued execution of our redevelopment strategy. We anticipate many similar projects to commence as we focus on redevelopment as a driver of corporate growth," said Paul Freddo, senior executive VP of leasing & development for DDR.
Terrell Plaza, when redeveloped, will feature approximately 90,000 sq. ft. of value-oriented junior anchor retail space in addition to the new 138,000-sq.-ft. Target.
Upon completion, Tamarac Square will include a 135,000-sq.-ft. Target store and an adjacent renovated 33,000-sq.-ft. convenience center.