The tenants will be opening through this year and into 2007. The 600,000-sf Beaver Creek Crossings is a joint venture between Developers Diversified Realty and Cary-based 1st Carolina Properties. Developers Diversified also is the owner and manager of Beaver Creek Commons, a 475,000-sf center adjacent to Beaver Creek Crossings that opened in 2004, Developers Diversified became involved in the development through its 2002 acquisition of JDN Realty, which had been planning to build a retail center in the rapidly growing Research Triangle.
"Developers Diversified embarked on developing Beaver Creek Crossings across from another one of our developments, Beaver Creek Commons, because of the demand in the market," said Tim Bruce, executive vice president of development for the company. "The population is growing as a result of the Triangle, which in turn calls for more retail to support the community's needs."
Future phases call for residential and office buildings north and south of the retail.
Big-box development in densely populated areas is becoming more of a focus for Developers Diversified. The company is also developing the 400,000-sf Homestead (Fla.) Pavilion; Seabrook (N.H.) Town Center with 441,000 sf; and the 455,000-sf Shops at Fox River in McHenry, Ill., all to open in 2007.
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