Shopping Center REIT Has Development Projects Totaling More Than 300,000 Square Feet In Glenview
Shopping center owner and developer Regency Centers Corp. (NYSE: REG
) announced the development of Glen Gate, a 102,876-square-foot center in Glenview, IL, a North Shore suburb of Chicago.
A 75,564-square-foot Mariano's Fresh Market will anchor the center and is expected to open in fall 2014. The transit-oriented project will also have one out lot with an additional 24,000 square feet for retail and restaurants. The Village of Golf Metra rail stop is adjacent to the site.
Regency will develop Glen Gate on two parcels totaling 21 acres after acquiring the property at the northeast corner of Waukegan Road and Golf Road from Avon Products, Inc. The REIT sold 7.6 acres of the property to a joint venture of Atlantic Realty Partners, Focus Development and The Carlyle Group, which plans to build 238 luxury apartments north of the shopping center.
The new development will be Regency's second shopping center in Glenview and fourth along the Waukegan Road corridor, said Senior Manager of Investments Matt Hendy.
"With a dense population of above-average household incomes, this area is an extremely desirable market for new projects," Hendy said.
Regency currently has more than 300,000 square feet of retail under construction in metro Chicago. In May, construction began on the $50 million first phase of Shops on Main, a 200,000-square-foot community shopping center under construction in Schererville, IN, 25 miles southeast of downtown Chicago. The project will be anchored by Gordmans, Ross Dress for Less, HomeGoods and DSW Designer Shoe Warehouse, with some anchors are scheduled to open in spring 2014.
Regency owns and operates 15 centers totaling more than 2 million square feet, in the Chicago market.