TUSTIN, Calif.--(BUSINESS WIRE)--Regency Centers Corporation (“Regency”), a national owner, operator, and developer of grocery-anchored shopping centers, has announced the closing of the land that will become The Village at Tustin Legacy. With estimated net development costs of nearly $40 million, this ground-up development will sit at the core of Orange County’s new 1,600-acre master-planned community of Tustin Legacy. The center will be neighbored by a 130,000 square-foot medical complex, 1.9 million square feet of office space, and more than 6,800 new residential homes at total build-out.
“We are going to create something special here,” said John Mehigan, senior vice president and senior market officer for Regency Centers. “The Village at Tustin Legacy is going to be another great example of our commitment to build attractive neighborhood centers with unique tenant line-ups in affluent infill markets. We’ve spent a lot time making sure this will be a place that our neighbors are proud of and can make their own.”
Anchored by a 44,000 square-foot Stater Bros. Market, this 112,000 square-foot center will be the 11th property for Regency Centers in Orange County, including the recently completed Village at La Floresta in Brea, representing a grand total of 1.3 million square-feet. The Village at Tustin Legacy will serve the neighboring community and will fulfill strong demand as demonstrated by 80% of the retail space being already leased and committed.
Groundbreaking is scheduled to begin on August 25th, 2016.
For leasing inquiries, please contact Chris Sanchez at 858-847-4631, or ChrisSanchez@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 311 retail properties encompasses more than 42.3 million square feet located in top markets throughout the United States, including co-investment partnerships. Regency has developed 222 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.