Construction Begins on $16 Million Redevelopment of Granada Village
Torrance, CA – April 13, 2011 – (RealEstateRama) — Regency Centers (regencycenters.com), a national owner, operator and developer of grocery-anchored and community shopping centers, started construction on the redevelopment of Granada Village, a 225,000-square-foot neighborhood center located in the San Fernando Valley. The $16 million redevelopment will convert this 46-year-old center into a regional draw with the addition of new-to-the-market retailers, sustainable design elements and upgraded center façade and amenities. The redevelopment is scheduled for completion in Spring 2012.
Sprouts Farmers Market, a specialty grocer featuring locally grown farm-fresh produce, will open a 25,000-square-foot store in September 2011. It will be their only location within a 20-mile radius. Rite Aid will relocate within the center to a 15,500-square-foot end-cap location at the northeast corner of the building which will provide an added consumer convenience of a drive-through lane.
Designed by Nadel Architects, the center will feature a modernized Spanish Colonial style. The redevelopment will include a new exterior façade, upgraded architectural components, a new pedestrian plaza, signage and parking lot improvements. One of the unique elements will be the creation of an outdoor dining district at the front of the center with connected patios and trellised seating areas to create energy and to increase pedestrian activity.
“Our goal is to create a vibrant, state-of-the-art center that provides additional amenities and a fresh merchandising mix for area consumers who have been underserved by newer retail concepts,” explained Heather Randall, Regency Centers’ vice president and regional officer. “This redevelopment will create a sense of place and communal atmosphere in a community that previously has been void of a central gathering area.”
As part of the company’s greengenuity™ program for sustainable green building and development practices, the center will incorporate energy-efficient lighting, an underground storm water retention and treatment system, water-efficient landscaping and a charging station for electric cars. “We’ve incorporated sustainable elements in the project that can lower tenants’ operational costs through common area maintenance savings,” explained Randall. “For example, upgrading the light fixtures will reduce common area energy use by 15 to 30 percent.” Portions of the project will pursue LEED Core-and-Shell certification.
Located 21 miles northwest of downtown Los Angeles, Granada Village is anchored by one of the top-performing TJ Maxx stores in Southern California alongside national retailers such as Stein Mart, Rite Aid, Sally Beauty Supply, The UPS Store, H&R Block, Burger King and RadioShack. The center is located at 10823 Zelzah Avenue in Granada Hills, Calif. For leasing information, contact Eric Li at 213.553.2278.
The center was built in 1965 and acquired by Regency Centers in 2005. Regency currently owns 19 shopping centers in the Los Angeles market totaling 2.4 million square feet of retail space.
About Regency Centers
Regency is the leading national owner, operator, and developer of grocery-anchored and community shopping centers. As of December 31, 2010, the Company owned 396 retail properties, including those held in co-investment partnerships. Including tenant-owned square footage, the portfolio encompassed 53.1 million square feet located in top markets throughout the United States. Since 2000, Regency has developed 202 shopping centers, including those currently in-process, representing an investment at completion of $3.0 billion. Operating as a fully integrated real estate company, Regency is a qualified real estate investment trust that is self-administered and self-managed.
