Developers Diversified Realty of Cleveland has broken ground on Nampa Gateway Center in Nampa, Idaho, a suburb 15 miles west of downtown Boise. The 850,000 sq. ft. open-air shopping center is just the type of project the real estate investment trust (REIT) likes: a large, high-profile community center acquisitions.
Developers Diversified is a self-managed REIT and owns and manages approximately 113 million sq. ft. of real estate in 44 states and Puerto Rico.
Construction is expected to cost more than $100 million and is scheduled for completion in the fall of 2006. Built on 104 acres, Nampa will be the largest shopping center in Canyon County.
Nampa Mayor Tom Dale anticipates the completed Nampa Gateway Center will create more than 900 new jobs for the area and will generate an annual tax revenue of nearly $800,000.
Stan Hoffman, vice president of development for the western region at Developers Diversified Realty, says that the company is “on schedule to deliver a well-positioned regional shopping destination in an area currently underserved by retail business.”
Nampa Gateway Center will include more than 300,000 sq. ft. of retail space with a national department store and several mid-sized retail tenants.
Moody's Investors Service predicts that the REIT “will continue to successfully expand and diversify its retail property business, and enhance its leadership position in this sector.”
DEVELOPERS DIVERSIFIED REALTY AT A GLANCE
|Market Cap||$5.09 billion|
|* as of Dec. 21, 2005|