Among the REIT's projects in the works announced yesterday are three developments totaling 1.5 million sf executives plan to start work on this year. They are open-air centers in Horesheads, NY; McHenry, IL; and Seabrook, NH. The company is also set to break ground on centers in McKinney, TX; and Norwood, MA, by the end of the year.

Additionally, DDR has seven projects currently under construction in Miami; Chesterfield and Lansing, MI; Freehold and Mount Laurel, NJ; Apex, NC; and Pittsburgh. All seven centers will total 2.8 million sf.

As reported earlier in GSR, the REIT is also marketing a portfolio of 42 former Service Merchandise department store sites that it acquired in 2002 and has redeveloped into open-air centers. "We expect a very strong response form the market, with pricing to be very highly competitive," said David Hurwitz, the company's senior executive vice president and chief investment officer.