On October 3, 2007, Developers Diversified Realty Corporation (“DDR”) announced the formation of a new joint venture with Rice Commercial Group (“RCG”) to develop a 74-acre mixed-use project. The Richmond Hill development is comprised of approximately 700,000 square feet of lifestyle retail, plus office and residential uses in Richmond Hill, Ontario (just north of Toronto). The transaction was closed on Friday, October 19, 2007. DDR will own a 50 per cent stake in the center in partnership with RCG. Construction is expected to begin in spring 2009 on the $150 million project, with retail tenants expected to open by fall 2011. Cleveland-based DDR currently owns and manages approximately 735 retail properties operating in the United States, Puerto Rico, Brazil and now Canada. DDR acquires, manages, leases and develops shopping centres and is a self-administered and self-managed real estate investment trust (REIT) trading on the New York Stock Exchange. RCG is a full service development corporation that owns and manages the development of five hundred acres of prime property, as well as more than three million square feet of predominantly retail assets; all in Canada.
DDR was represented by in-house lawyers David Weiss, Kevin Kessinger, Ketan Patel and Chris Salata. DDR was represented in Canada by a team from Lang Michener LLP (Toronto) consisting of Les Wittlin, Bruce McKenna, Kalle Soomer, William Rowlands, Greg McIlwain, Matthew German, Annie Thuan and Robert Edmonds. DDR was represented in the United States by a team from Baker & Hostetler (Cleveland) consisting of Ronald A. Stepanovic, Edward G. Ptaszek and Nathan F. Ware. RCG was represented by Aird & Berlis LLP with a team consisting of Michael Smith, Christie McNeill, Margaret Nelligan, Barbara Worndl and Jack Bernstein.