From Janie Sheppard
UKIAH, Mendocino County, North California Apr 8, 2009
[The New Hampshire project is in trouble for not agreeing to widen the road and the the design plans for DDR’s project here in Ukiah also has no plan to reroute traffic. -JS]
SEABROOK, Apr 06, 2009 (The Daily News of Newburyport) The developer proposing a massive shopping center for Route 1 has fallen into financial distress as it continues to refuse to widen the state highway that town officials say would assure the project’s approval.
Developers Diversified Realty has already poured more than $20 million into buying and improving the site for its proposed 500,000-square-foot shopping center. The additional roadwork would add a few million to its investment.
The company, however, has widely reported financial problems, its stock losing about 95 percent of its value in the last year.
Although doing very well in 2005 when it began its initiative in Seabrook, DDR — a publicly traded company — has been hit hard by the recession. A look at its stock values in the past four years shows stock that once traded at a high of $72.33 per share in February of 2007 opened on the stock exchange late last week at $2.39 a share.
According to market reports, the company has been suffering from rising debt and a cash shortage. Last month, DDR was dropped from Standard & Poor’s 500 Index “due to low market capitalization,” according to a report from Zacks, an Web-based market reporting site.
Keep reading DDR Owned by German Company→