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Weingarten Again Pushes Shopping Center Development

NEW YORK CITY-Addressing NAREIT 2005, Weingarten's CEO Drew Alexander says there is $50 million of under-construction projects and another $150 million of new development in the pipeline. Weingarten's goal is to build up to $200 million a year.

By Jennifer D. Duell | Updated on June 09, 2005

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NEW YORK CITY-After several years of focusing on acquisitions and dispositions, Houston-based Weingarten Realty Trust has renewed its interest in developing retail centers.

Weingarten president and CEO Drew Alexander says the goal is to build up to $200 million of shopping centers per year. “We’re putting some more human resources behind [development] efforts,” he said during yesterday’s NAREIT 2005 Institutional Investor Forum. He added the development docket has about $50 million of under-construction projects and an additional $150 million in the pipeline. “We think, given our experience, given our relationships, given our real estate knowledge, that the risk-reward is quite good in development.”

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