BRIDGEWATER, N.J.--(BUSINESS WIRE)--Regency Centers Corporation (“Regency” or the “Company”), a national owner, operator, and developer of grocery-anchored shopping centers, has announced a new ground-up development in Bridgewater, NJ. Chimney Rock, with estimated net development costs of $70 million, will offer 218,000 square feet of prime retail, anchored by Somerset County’s first and only Whole Foods Market. The center will also feature leading national retailers Nordstrom Rack, Saks off 5th, Ulta, and The Container Store.
“This is an incredible opportunity in a powerful market,” said Jack deVilliers, Vice President of investments for Regency’s new Connecticut office, recently opened to service the Company’s growing footprint in the Northeast. “The Stavola family has played an integral role in seeing this transaction to the finish line, and we wouldn’t have been able to do it without them. This isn’t just another shopping center. We will create an intimate style and personality that is reflective of the needs and wants of the region.”
Chimney Rock benefits from its location at the newly constructed intersection of US-22 and I-87, and the main east-west arteries of northern New Jersey, providing easy access to the greater New York metro area. The center will be cushioned inside a community with a population of over 250,000 and a daytime population of 330,000, due to corporate campuses of major pharmaceutical, telecommunications, and financial companies interspersed throughout the community. Chimney Rock’s design will include unparalleled architecture from materials including stone, brick, and reclaimed wood. Light features, trellises, fire pits, outdoor seating nodes, and other elements of placemaking will come together to create a unique environment that connects with the community.
Construction on the center has begun, and full completion is anticipated by summer 2018.
For inquiries about the property, please contact Jack deVilliers at 203-635-5562 or JackdeVilliers@RegencyCenters.com.
About Regency Centers Corporation (NYSE: REG)
With more than 50 years of experience, Regency is the preeminent national owner, operator and developer of high quality, grocery anchored neighborhood and community shopping centers. The Company’s portfolio of 307 retail properties encompasses over 42.1 million square feet located in top markets throughout the United States, including co-investment partnerships. Regency has developed 223 shopping centers since 2000, 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.