BEACHWOOD, OH--(MARKET WIRE)--Nov 10, 2008 -- Developers Diversified (NYSE:DDR - News), the nation's leading owner, developer and manager of market-dominant shopping centers, today announced the opening of several stores at Homestead Pavilion, a 399,000 square foot open-air shopping center located at the northwest quadrant of the Florida Turnpike and Campbell Drive, 30 miles south of Miami.

Kohl's is now open, as are The Sports Authority and Petco. Ross Dress For Less, Michaels, Staples and Rack Room Shoes are expected to open in early 2009, and Olive Garden and LongHorn Steakhouse will open mid-year.

"Homestead Pavilion will serve the retail needs of this growing community," said David Dieterle, senior vice president of leasing for Developers Diversified. "Its central location amidst a growing population base further enhances this area as a regional shopping destination."

The shopping center features South Florida architectural design, lush landscaping and public gathering areas in an easy-to-shop center layout. An additional nine acres of land near the turnpike will be developed in the future and may include additional retail, office space or a hotel.

"We are thrilled that Homestead Pavilion retailers are opening in time for holiday shopping," said Lynda Bell, mayor of Homestead. "Our residents and neighbors alike won't have to leave the Homestead area to do their shopping."

Developers Diversified currently owns and manages over 720 retail operating and development properties in 45 states, plus Puerto Rico, Brazil, Russia and Canada, totaling over 159 million square feet, including 14.6 million square feet in Florida. Developers Diversified Realty is a self-administered and self-managed real estate investment trust (REIT) operating as a fully integrated real estate company which acquires, develops, leases and manages shopping centers. Additional information about Developers Diversified is available on the Internet at www.ddr.com.

     Contact:
     Scott R. Schroeder
     Vice President of Marketing and Corporate Communications
     Developers Diversified
     216.755.5500