Regency Centers Corporation (NYSE:REG), a national owner, operator and
developer of grocery-anchored community shopping centers, announced
today the development of Glen Gate, a 102,876-square-foot center located
in Glenview, Ill., a North Shore suburb of Chicago. The shopping center
will be anchored by a 75,564-square-foot Mariano’s Fresh Market,
expected to open in fall 2014. The project will also have one outlot
with an additional 24,000 square feet for retail and restaurants.
Rendering of Shops on Main
(Photo: Business Wire)
Positioned at the northeast corner of Waukegan Road and Golf Road, which
combined carry about 60,000 vehicles per day, Glen Gate is surrounded by
a population of approximately 140,000 within a three-mile radius. The
Village of Golf’s Metra stop is adjacent to this site, classifying the
project as a transit-oriented development. Glen Gate will be developed
on two land parcels totaling 21 acres, 7.6 of which were sold by Regency
to Atlantic Realty Partners, Focus Development and The Carlyle Group,
who plan to build 238 luxury apartments north of the shopping center.
“We are thrilled to be adding our 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.”
Regency currently has more than 300,000 square feet of retail shopping
centers under construction in metro Chicago. In addition to Glen Gate,
Shops on Main is a 200,000-square-foot community shopping center under
construction in Schererville, Ind., which is located 25 miles southeast
of downtown Chicago. Shops on Main is strategically located at the
intersection of two main arterial roads, U.S. Route 41 and Main Street.
In May, construction began on phase one of the project, which will be
anchored by Gordmans, Ross Dress for Less, HomeGoods and DSW Designer
Shoe Warehouse. The initial phase will cost $50 million, and some
anchors are scheduled to open in spring 2014.
“We really appreciate the support of Schererville and Glenview and are
excited to offer a merchandising mix of first-class retailers that will
serve the needs of the surrounding community,” said Vice President and
Regional Officer Nick Wibbenmeyer. “Glen Gate and Shops on Main
will reflect the key attributes that define a Regency center:
market-leading anchors, prime location and an enjoyable shopping
environment.”
Regency owns and operates 15 centers, totaling more than 2 million
square feet, in the Chicago market. For leasing information, contact
leasing agent Rick Spector at 630-645-2817 or RickSpector@RegencyCenters.com.
About Regency Centers Corporation (NYSE:REG)
Regency is the preeminent national owner, operator and developer of
high-quality grocery-anchored and community shopping centers. As of June
30, 2013, the company owned 343 retail properties, including those held
in co-investment partnerships. Including retailer-owned square footage,
the portfolio encompassed 45.9 million square feet located in top
markets throughout the United States. Since 2000, Regency has developed
211 shopping centers, including those currently in process, representing
an investment at completion of more than $3 billion. Operating as a
fully integrated real estate company, Regency is a qualified real estate
investment trust that is self-administered and self-managed.
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