Richard Birdoff, Executive Chairman & CEO, RD Management

July 2026 — Invest: spoke with Richard Birdoff, executive chairman and CEO of RD Management about the long-term redevelopment of Rithm, the firm’s evolving mixed-use strategy, and why transforming underutilized assets remains central to RD Management’s growth. “We buy assets that need change and haven’t been taken care of, and that’s exciting for people who want to create something,” Birdoff said.

What key changes over the past 12 months have impacted RD Management, and in what ways?

RD Management is a privately held real estate company focused primarily on development and redevelopment, particularly in retail, although our work today goes well beyond traditional retail. Over the past year, broader economic conditions have started to shift in a more favorable direction for development. Interest rates have begun to ease, lender confidence has improved, and there is clear pent-up demand for retail real estate after several years of limited new construction.

Our work at Rithm, formerly University Mall, reflects a much longer arc. This redevelopment has been more than a decade in the making. We began acquiring pieces of the site in 2014, ultimately consolidating more than 113 acres under single ownership. That was essential. Regional malls were historically fragmented, with anchor tenants owning their buildings. Without full control, meaningful redevelopment is nearly impossible.

Once we consolidated ownership, we worked closely with Hillsborough County to establish a new zoning classification that gave us flexibility to reimagine the site. The county has been a strong partner because the mall was clearly in decline before redevelopment began. Today, Rithm is moving in a very different direction, and that momentum has continued to build over the past year as market confidence has returned.

How would you describe RD Management’s broader redevelopment approach across its portfolio?

Our niche has always been identifying underutilized properties and bringing them back to life. We are not typically buyers of stabilized assets with limited upside. Instead, we seek properties that require vision, patience, and execution. That applies whether we are re-tenanting a retail center, demolishing obsolete structures, or introducing entirely new uses.

Across our portfolio, we often acquire assets with significant vacancy, reconfigure them, and introduce strong national tenants such as grocery, fitness, or value-oriented retail. We recently completed a BJ’s Wholesale Club project in Casselberry, Florida, where we acquired a center that was roughly 90% vacant, demolished most of the existing structures, and delivered a new 115,000-square-foot store that opened in December. That redevelopment model is core to how we operate.

What specific investments and additions have shaped the transformation of Rithm?

The changes at Rithm have unfolded over many years, not in a single development cycle. Since acquiring the property, we have introduced new pad-site restaurants, including Portillo’s, Miller’s Ale House, and RaceTrac. We developed a traditional shopping center anchored by Sprouts Farmers Market and relocated Burlington from the rear of the site to a more prominent frontage location.

We are under construction on an LA Fitness that is scheduled to open in the latter part of 2027. In addition, we partnered with Core Spaces on student housing, beginning with Hub 1, which opened several years ago, and continuing with Hub 2, a $185 million project with approximately 1,150 beds that is now under construction.

Beyond retail and student housing, we have approvals in place for a 110-room Marriott Residence Inn that will begin construction this year. We are also working with a third-party developer on a 300-unit, market-rate multifamily community on another portion of the site, creating a clear separation between student housing and traditional residential uses while adding long-term population density.

How are nontraditional and institutional uses contributing to the site’s evolution?

A major part of Rithm’s transformation has been diversifying beyond retail. The University of South Florida’s Institute of Applied Engineering occupies approximately 10,000 square feet on-site, conducting advanced engineering work tied to the Department of Defense and other partners. That kind of institutional presence adds long-term stability and reinforces the site’s connection to education and innovation.

We also welcomed Vū Studios, a high-tech virtual production company that uses advanced digital environments and green-screen technology to produce commercials, films, and branded content for global clients. Their presence demonstrates how flexible, adaptive reuse can attract tenants that would not traditionally locate in a former mall environment.

Additionally, the site includes a charter school that is exploring plans for a standalone facility, further reinforcing the mixed-use, community-oriented nature of the redevelopment. Our goal has always been to create a place that serves students, residents, workers, and visitors, rather than a single-use destination.

How does RD Management attract and retain talent in a competitive real estate labor market?

People are drawn to RD Management because of the nature of the work. We focus on transformation, not maintenance. We buy assets that need change and haven’t been taken care of, and that’s exciting for people who want to create something. Redeveloping neglected properties into vibrant, functional places resonates with professionals who want to build, not just operate.

Our retention speaks for itself. I have been with the company for more than three decades, and many members of our leadership team have been here for over a decade. That continuity reflects both the culture of the organization and the satisfaction that comes from seeing long-term projects through to completion.

We also offer exposure to a wide range of development types, from retail and residential to hospitality, education, and technology-driven uses. That variety keeps the work dynamic and gives our teams opportunities to grow alongside the portfolio.

What industry trends are shaping RD Management’s strategy right now?

We are seeing renewed activity across several fronts. Retailers are re-engaging, restaurants are expanding again, and fitness concepts are regaining momentum after several years of disruption. Florida, in particular, continues to attract investment and tenant demand across multiple sectors.

Entertainment and experiential uses are also gaining traction, especially concepts geared toward families and younger demographics. At the same time, resilience and adaptability are increasingly important, particularly in markets like Florida that face climate and infrastructure considerations.

Our approach is to remain flexible and selective, focusing on uses that add long-term value to a site rather than simply filling space. At Rithm, that philosophy is evident in our plans for a highly visible nine-acre parcel along Fowler Avenue, where we are exploring medical, institutional, or corporate uses that align with the surrounding healthcare ecosystem and provide lasting economic impact.

How do you see Rithm fitting into Tampa’s broader growth story?

Rithm reflects the direction Tampa is heading. It is anchored by education, supported by housing, activated by retail and entertainment, and increasingly connected to healthcare and technology. The site’s proximity to the University of South Florida and major medical institutions positions it well for future development that supports both economic growth and community needs.

Our objective has never been to develop quickly for the sake of speed. Instead, we have focused on doing things thoughtfully, in partnership with public and private stakeholders, to create a place that will remain relevant for decades. That long-term mindset continues to guide RD Management’s work in Tampa and across our broader portfolio.