New Plan Increases Redevelopment Pipeline

NEW YORK CITY-With the Galileo transactions expected to close sometime this month, New Plan Excel executives plan to focus some attention on a redevelopment pipeline they call “robust.” During the second quarter, the company completed the redevelopment of seven shopping centers and added nine projects to that pipeline. It now totals 40 including joint venture redevelopment activities and outparcel development and has an aggregate cost of approximately $242.7 million.

One project recently added to the list is the open-air Point Orlando lifestyle center in Florida, which company officials currently label as an “abomination.” Once completed, New Plan anticipates a decrease in square footage–the center will go from 460,000 sf to 440,000 sf–but has already attracted such new tenants as Capital Grill and BB Kings.

“It’s been very active,” commented Glenn J. Rufrano, chief executive officer, during the company’s second-quarter conference call. The biggest news of the quarter was New Plan’s agreement with Galileo to sell 69 centers for approximately $968 million.