Regency Centers Breaks Ground On $10 Million Retail Renovation
Torrance, CA – February 8, 2011 – (RealEstateRama) — Ground has broken on the $10 million renovation of Heritage Plaza, a 226,998-square-foot retail center in Irvine, Calif., owned by Regency Centers (www.regencycenters.com), the leading national owner, operator, and developer of grocery-anchored and community shopping centers. The renovation of this Ralph’s-anchored center is scheduled for completion in November 2011.
The transformation will include a new exterior façade, upgraded architectural components, canvas awnings, new landscaping, new monument, building and wayfinding signage, wider pedestrian walkways, and the addition of focused gathering areas with benches, al fresco dining and sidewalk eating areas. The design was created by Nadel Architects and Hirsch & Associates, Inc.
Originally designed in the 1970s, Heritage Plaza was acquired by Regency in 1999. Even though the center is well leased and continues to be profitable, it has never undergone redevelopment. Regency has proactively worked with consultants, local neighborhood associations and residents to ensure that the center will be strategically positioned for current and future customer demand.
“Upon completion of the renovation, Heritage Plaza will begin a new chapter as a vibrant community-driven center located at one of Irvine’s busiest intersections,” said Regency Centers Vice President Gregg Sadowsky, who noted how redevelopment is the best option for this mature shopping center, which is one of the oldest in Irvine.
“This redevelopment will move Heritage Plaza forward with the changing community and help create opportunities for future tenant movement and growth,” Sadowsky said.
The 44,376-square-foot Ralph’s will undergo interior remodeling in June in conjunction with the center renovation. Heritage Plaza is located at 14474 Culver Drive in Irvine, Calif., and includes national retailers such as CVS/pharmacy, Bank of America, Wells Fargo, Wendy’s, RadioShack and Elephant Bar Restaurant. For leasing information, contact Omar Hussein at 858-847-4622.
About Regency Centers
Regency (NYSE: REG) is the leading national owner, operator, and developer of grocery-anchored and community shopping centers. At Dec. 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 billion.
Operating as a fully integrated real estate company, Regency is a qualified real estate investment trust that is self-administered and self-managed.
