Developers Diversified Realty And Petrie*Dierman*Kughn Announce The Grand Opening Of The Centre At Hagerstown
CLEVELAND, June 21 /PRNewswire/ -- Cleveland, OH based Developers Diversified Realty (NYSE: DDR) ("DDR") and Petrie*Dierman*Kughn (PDK), of McLean, VA today announced the grand opening of The Centre at Hagerstown, a 750,000 square foot power center located at the intersection of Interstate 81 and U.S. Route 40 in Hagerstown, Maryland.
Construction began at The Centre at Hagerstown in April 1999, and the majority of the 40 anchor stores, specialty shops and restaurants have opened. "Dollar Express, Borders Books and Music, OfficeMax, Marshalls, PetsMart, Dicks Clothing and Sporting Goods, Famous Footwear, Trak Auto, A. C. Moore, Home Depot, Wal-Mart Supercenter, Hallmark Crown Store and Pier 1 Imports are open for business," said Marilyn Coolidge, leasing director for PDK. "Bed Bath & Beyond, Circuit City and The Dress Barn will open in August."
"I am pleased to have the Centre at Hagerstown in our community," said Mayor Robert Bruchey, II. "Our citizens are very excited that the new stores and restaurants have begun opening. We are very pleased that The Centre at Hagerstown will add more than 400 additional acres for development within our City's corporate limits. This is a prime location for development along Interstate 81 and we look forward to many successes."
"The development process at the Centre at Hagerstown is a text book example of how public officials and private developers should work together to understand each others objectives and work through compromises for the betterment of the community and its shoppers," said Phillip Ross, director of development for Petrie Dierman Kughn. "The City of Hagerstown stepped to the plate early in the pre development process by creating a tax increment financing district which partially financed over $6 million in off-site improvements. Without the City's help, the Centre at Hagerstown would never have been built nor would the City have added nearly 400 acres of developable land to its corporate limits. "Developers Diversified Realty and Petrie Dierman Kughn are proud to have had the opportunity to work with such a progressive City Council and City administration."
"DDR and PDK have joined forces to create the premier shopping destination for the residents of Hagerstown and surrounding communities," said Eric Mallory, senior vice president of development for DDR. "We have received tremendous support from Mayor Bruchey and City Administrators to complete The Centre at Hagerstown. It was a pleasure working with everyone involved."
"The Centre at Hagerstown creates a huge economic development opportunity at a key interstate interchange and gives Hagerstown a stronger economic presence along Interstate 81," said Debbie Everhart, Hagerstown economic development coordinator. "The Centre at Hagerstown will compliment our City's existing retail line up."
Petrie*Dierman*Kughn has developed more than 8.0 million square feet of retail space. PDK is developing four others power centers in Maryland, Virginia and Colorado adding another 1.75 million square feet to their portfolio.
Developers Diversified Realty is a nationwide leader in the shopping center industry and currently owns and manages 205 shopping centers in 39 states totaling 46.9 million square feet of real estate. DDR is a self- administered and self-managed real estate investment trust (REIT) operating as a fully integrated real estate company. You can learn more about DDR on the internet at www.ddrc.com.
The Centre at
Fact Sheet
The Center at
(PDK) of
Location
*
Located at the northwest intersection of Interstate 81 and
40, The Centre at
land.
* Parking is available for 3,121
vehicles.
The Centre at
*
Features over 750,000 square feet of retail tenants and restaurants
including:
STORE Square
Footage Opening
The Home Depot 114,733 sq.
ft. 5/18/00
Dick's Clothing and Sporting Goods 48,229 sq. ft. 5/11/00
Bed
Office Max 23,387 sq.
ft. 5/04/00
Borders 23,020 sq. ft. 4/29/00
A.C.Moore 21,010 sq.
ft. 5/18/00
PetsMart 19,235 sq.
ft. 5/10/00
Pier 1 Imports 9,200 sq.
ft. 5/18/00
Economic Impact
*
More than 710 construction jobs were created during the building phase
of the project and the entire complex
provides employment for over
1,600 area residents, full and
part-time.
* The Centre at
Projected tax revenues are more than
$1 million annually.
Additional Contributions by Developers
Diversified Realty and
Petrie*Dierman*Kughn
* Have
contributed more than $6 million for off-site road improvements
and surveys.
SOURCE Developers Diversified Realty