Building Dominance

Developers Diversified Realty rocks the charts

Third-ranked AIG Baker of Birmingham, Ala., which was fifth among the fastest-growing developers in 2001, returns in 2003 with more than 1.55 million sq. ft. of new retail space. Milton “Bubba” Smith, President of AIG Baker Shopping Center Properties, reports the company will continue to produce1.5 million sq. ft. to 2 million sq. ft. each year and currently has 15 projects under development in 9 states, which are expected to deliver in 2005 and 2006.

“To sustain such a large development pipeline, you’ve got to be able to develop in the four corners of the country,” suggests Smith. “We have projects from the Northeast through the South and all the way to the West Coast. We’ve not been as active in the Southwest because New Mexico and Arizona have been crowded with very good developers. However we expect to jump into the Phoenix market soon.”

2003 Fastest-Growing Developers
Developers Diversified Realty	Beachwood, Ohio	6,273,750 sq. ft.
Regency Centers	Jacksonville, Fla.	1,618,910 sq. ft.
AIG Baker Shopping Center Properties	Birmingham, Ala.	1,556,260 sq. ft.
The Macerich Co.	Santa Monica, Calif.	1,549,596 sq. ft.
THF Realty, Inc.	St Louis	1,514,004 sq. ft.
Source: Chain Store Age research and company reports

2003 Fastest-Growing Developers
AIG Baker Shopping Center Properties
Carson Valley Plaza	Carson City, Nev.	302,063 sq.ft.
Cobb Place	Kennesaw, Ga.	281,949 sq. ft.
Harrisonburg Crossing	Harrisonburg, Va.	539,364 sq. ft.
Mitchell Ranch Plaza	New Port Richey, Fla.	200,384 sq. ft.
The Village at Lee Branch	Birmingham, Ala.	232,500 sq. ft
Total for 2003	5 properties in 7 states	1,556,260 sq. ft.
Source: Chain Store Age research and company reports

Source: Chain Store Age, May 2004