At Regency, we continue to seek opportunities for development in hyper-local, attractive U.S. markets. With 87% of our properties anchored by top grocers including Kroger, Whole Foods Market, and Wegmans and an average household income of $100,000 across our portfolio, we are excited to highlight some of our up-and-coming developments spanning the country.
The Field at Commonwealth will be the dominant retail destination for the surrounding class-A office market and is encompassed by affluent residential neighborhoods. A ground-up development, The Field at Commonwealth, anchored by 120,000-square-foot Wegmans, is expected to transform the areas of Chantilly and Westfield into a Northern Virginia vibrant retail corridor. The project is estimated for completion in 2018.
This development is one of the largest new developments near Chicago, in a highly affluent county. Mellody Farm was recently announced with key retailers REI, Nordstrom Rack, HomeGoods, and Whole Foods Market anchoring the mixed use area of retail and apartments. Matt Hendy, Regency Vice President and Regional Officer describes its uniqueness, saying, “The purpose of this center is for shoppers who come here to have an experience. It's a different type of place, hopefully more fun than sitting on your couch and buying online.”
We pursued an exciting strategy when first tackling this development. We set up a Facebook page, and asked people to submit ideas and preferences on topics ranging from building materials and open spaces to dining options and date night preferences to fitness routines and creative concepts. Their responses were abundant and helped us determine how the project would progress.
This unique center in the heart of Orange County is one of the largest master-planned communities in the area, and will easily attract commuters and Orange County visitors to its location at the intersection of two major roads. Key retailers filling space in this affluent market include Stater Bros. Market and CVS. Regency’s SVP and Senior Market Officer John Mehigan describes this $40 million ground-up development as an “attractive neighborhood center with unique tenant lineups in affluent infill markets.”
The newest development in our portfolio includes best-in-class anchors in the affluent Southeast Florida market. Featuring high traffic counts and daytime population, and anchored by Target and Whole Foods Market, Pinecrest Place is expected to be completed in the second quarter of 2018. “The shopping experience will be a powerful reflection of the lifestyles and wants of the affluent communities surrounding the shopping center, providing a superior anchor lineup with complimentary restaurants and small shop retail,” said Paul Maxwell, Regency’s Vice President of Investments.
For a complete list of our current retail development projects, click here.