HOUSTON--(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 Houston, Texas. The Village at Riverstone, with estimated net development costs of approximately $30.5 million, will offer 165,000 square feet of retail, featuring a 100,000 square foot Kroger and other best-in-class national and regional retailers. Riverstone, the fastest growing master-planned community in Houston, boasts attractive demographics and has already pre-sold approximately 80% of available homes, with an average sales price of nearly $600,000.
“The Village at Riverstone is going to be a wonderful addition to this community and our portfolio,” said Abe Pacetti, Vice President of investments for Regency Centers. “Not only will it be a retail centerpiece for the Riverstone master-planned community, but it will draw interest from consumers beyond the typical three-mile trade area. There are key ingredients every shopping center needs to be successful: high barriers to entry, superior demographics, main & main intersection and a market-dominant anchor. We’re fortunate that The Village at Riverstone has them all.”
Located at the corner of University Boulevard and LJ Parkway, two of the highest-trafficked thoroughfares in the area, The Village at Riverstone will utilize unique placemaking designs and strategic merchandising mixes. Construction is scheduled to begin by Q1 of 2017, with a projected opening in the spring of 2018.
For leasing inquiries, please contact Ben Brown with Baker Katz at bbrown@bakerkatz.com, or 713-979-1229.
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.
