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NEW YORK CITY-Acadia Realty Trust has expanded its New York urban/redevelopment pipeline to seven projects aggregating a range of 1.25 million sf to 1.5 million sf. The REIT expects to spend between $275 million and $325 million to realize them. The firm is exploring placing a self-storage element into a number of projects through a partnership with Storage Post.

The REIT continues along with its three-fold directive of maintaining a solid core portfolio and strong balance sheet in addition to creating a profitable external growth platform. The firm doesn't anticipate short-term earnings from the infill projects this year, but expects significant earnings over the next few years. "In a company of our size, even a few smaller transactions can make a difference," said Kenneth Bernstein, president and CEO, during a conference call.

During December 2005, the firm's Fund II acquired the remaining 40-year term of a leasehold interest in land located at Liberty Avenue and 98th Street in Ozone Park, Queens. The development plans for this property includes 30,000 sf of retail anchored by a CVS drug store and a 98,500 sf self-storage facility to be operated by Storage Post. Acadia will be a partner in the self-storage complex with Storage Post, which is anticipated to be a partner in future retail projects.