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DDR to redevelop four shopping centers in Puerto Rico

Beachwood, Ohio -- DDR Corp. said Monday it will redevelop four shopping centers in Puerto Rico — Plaza del Sol and Rexville Plaza in Bayamon, Plaza del Norte in Hatillo and Plaza Escorial in Carolina. Total investment is more than $50 million.

The redevelopment at Plaza del Sol, a 676,000-sq.-ft. enclosed mall anchored by Walmart, Home Depot, Caribbean Cinemas and Bed Bath & Beyond, is slated to start in early 2012. The project includes relocating the existing food court and converting the former food court into approximately 25,000 sq. ft. of in-line space. The expected completion date is late 2012.

Plaza del Norte, a 671,000-sq.-ft. enclosed mall anchored by Walmart, Sears, Toys “R” Us and TJ Maxx, will be redeveloped to include a 30,000-sq.-ft. expansion and renovation of the existing J.C. Penney. The project also includes the addition of a new Rooms To Go, the combination of three small shop units to accommodate a new PetSmart, new carts and kiosks and a significant interior and exterior renovation. The project is expected to be completed in early 2013.

The improvements at Rexville Plaza include the addition of new CVS and Marshalls stores in the space currently occupied by an underperforming Pueblo Supermarket. The project is expected to be completed in summer 2012.

The project at Plaza Escorial, which currently features a Walmart and Sam's Club that together generates annual sales in excess of $250 million, will include the addition of a new PetSmart store, which will open prior to year end in the space formerly occupied by Borders. This location will represent PetSmart's fourth location in a DDR center in Puerto Rico.

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