US shopping centre company DDR Corp announced that it has completed the redevelopment of four retail complexes in Puerto Rico.

What’s more, as a result of strong tenant demand and the successful execution of other projects, the company has decided to almost double its redevelopment project on the island from US$50 million to US$90 million.

“Increased demand for quality retail space in this supply-constrained market has created unique value-added opportunities in many of our most productive assets,” said Paul Freddo, senior executive vice-president of leasing and development for DDR.

“By executing our strategic redevelopment plan, we are creating attractive opportunities for our key domestic tenants to establish or expand their presence on the island,” he added.

Among DDR’s project in Puerto Rico is the redevelopment of Plaza del Sol, a 690,000 square-foot enclosed mall with an array of popular stores, including Walmart, Home Depot, Bed Bath & Beyond, Caribbean Cinemas and Old Navy. The complex features a new 10,500 square-foot food court, which was relocated from the lower level to the upper level of the mall.

DDR also transformed the Plaza del Norte mall, a 680,000 square-foot property, which boasts the likes of Walmart, Sears, JCPenney, TJ Maxx and Rooms to Go. The project included the consolidation of three vacant small shop units to accommodate a new PetSmart as well as a new Caribbean Cinemas theatre on the upper level. Through these renovations and improvements, DDR said it was able to attract a variety of new retailers, including Shoe Carnival, Carter’s, Journey’s Kidz, Crocs, Van Heusen, Ecko Unlimited and Robert Wayne Footwear. Additional value creation will come from a new outparcel for Krispy Kreme, which is expected to open in the Fall of 2013, the company said.

Other projects include the Rexville Plaza community centre and Plaza Fajardo.

At the 131,000 square-foot Rexville Plaza, DDR added a new Marshalls and CVS store, which replaced an underperforming supermarket. The redevelopment of Plaza Fajardo, a 250,000 square-foot power centre anchored by Walmart and Econo Supermarket, will include the construction of two new box spaces for PetSmart and Shoe Carnival, both of which are expected to open in the Fall of 2013. These new stores represent PetSmart’s fifth and Shoe Carnival’s third location in a DDR centre on the island, highlighting the Company’s ability to facilitate the expansion of top domestic tenants into the Puerto Rico market, the company said.

DDR is headquartered in Beechwood, Ohio.