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Developers Diversified Realty Celebrates Grand Opening of Beaver Creek Commons

Apex Mayor Keith Weatherly Welcomes 475,000 Square Foot Open-Air Shopping Center

Developers Diversified Realty , a Cleveland-based real estate investment trust (REIT), today celebrated the grand opening of Beaver Creek Commons, a 475,000 square foot open-air shopping center located at the southeast quadrant of US Highway 64 and Route 55 in Apex, NC. In a morning ribbon-cutting ceremony at the shopping center, Apex Mayor Keith Weatherly and representatives from Developers Diversified gathered to celebrate the opening of the $25.3 million shopping center.

"Apex is a growing community and we're pleased to welcome these national and regional retailers to our town," said Mayor Keith Weatherly.

Anchored by Super Target, Lowe's Home Improvement, OfficeMax and PETsMART, the open-air shopping center encompasses approximately 78.8 acres of land. Additional tenants at the shopping center include GNC, Doctors Vision Center, Mattress Firm, Panera Bread and Sprint PCS. EB Games, Cost Cutters, Supercuts and Hollywood Video are expected to open in December and Linens 'N Things and Qdoba will be open in the first quarter of 2005.

"Developers Diversified is thrilled to celebrate the grand opening of Beaver Creek Commons with the residents of Apex this morning," said Timothy J. Bruce, senior vice president of development for Developers Diversified. "We are pleased to deliver amenities and services currently unavailable in the Apex market. We look forward to a long partnership with the city of Apex."

Developers Diversified, in partnership with 1st Carolina Properties, is planning to develop two additional shopping destinations in Apex over the next two years. Located south of US Highway 64, Phase III will include 345,143 square feet of retail space. Phase IV will be located north of US Highway 64 and will feature 281,370 square feet of anchor and small shop space. Both projects are expected to break ground in Spring 2005, and when combined with Beaver Creek Commons, will encompass over 1,000,000 square feet of the nation's leading retailers, according to Mr. Bruce.

Beaver Creek Commons is a development of Cleveland-based Developers Diversified Realty . The Company currently owns and manages approximately 460 properties in 44 states totaling 102 million square feet of retail real estate including 3.2 million square feet in North Carolina. Developers Diversified is a self-administered and managed real estate investment trust (REIT) operating as a fully integrated real estate company that acquires, develops, and manages shopping centers. You can learn more about DDR on the Internet at www.ddr.com.