The company started construction on a Whole Foods-anchored mixed-use project about 30 miles outside of downtown Chicago.Regency Centers Corp. has been quite aggressive with development plans in recent times, and we just got wind of their latest project. As Commercial Property Executive shares, the company has already started construction on a Whole Foods-anchored mixed-use project about 30 miles outside of downtown Chicago.
Mellody Farm will span 270,000-square-feet when all is said and done. In addition to Whole Foods, REI and Nordstrom Rack have signed on to join the roster at the ground-up shopping center. The $200 million mixed-use development is expected to open in 2018. Regency has teamed up with Focus Development and Atlantic Realty Partners for the project, and those two companies will develop and own the 260-unit luxury apartment segment of the development.
“Mellody Farm is going to be a transformational retail experience for the surrounding area. We will be creating a true sense of place here - a destination that attracts people because of our best-in-class restaurant and retail partners, walkable center layout, and innovative building design,” Matt Hendy, a vice president with Regency Centers, said in a statement.
Sounds like an exciting project, but this is not the only development that Regency has in the works at the moment. Just last month, the company announced a $44.5 million in Chantilly, Virginia. The 180,000-square-foot project is known as The Field at Commonwealth, and it will be anchored by a 120,000-square-foot Wegmans Food Market. Chantilly is just outside of the nation’s capital, and the region has taken a big liking to innovative developments anchored by grocery stores.
“The Field at Commonwealth is going to transform the Chantilly and Westfields area into a vibrant retail corridor in Northern Virginia. The importance of bringing the dominant gourmet grocer in the Washington, D.C., market to the project cannot be overstated. The unrivaled product offering and shopping experience that Wegmans is known for will serve the surrounding community well,” Devin Corini, VP of investments for Regency Centers, said in a statement.
That’s not all. Earlier this month, Regency announced plans for a 70,000-square-foot project in Miami known as Pine Crest Place. About six weeks ago, Regency completed its merger with Equity One to form the largest U.S. shopping center REIT by equity value, which checks in at nearly $16 billion. Based on all of the exciting developments on tap, it’s safe to say that value will continue creeping upwards.
22 APRIL 2017, USA
Source: Commercial Property Executive