This week, Regency Centers announced a new ground-up development in Houston, Texas, The Village at Riverstone, with estimated net development costs of approximately $30.5 million. The center will offer 165,000 square feet of retail, and features 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.
TUSTIN, CA—Coming up with architecture that works for all of the uses is one challenge in developing mixed-use projects, Regency Centers Corp.’ SVP, senior market officer, John Mehigan tells GlobeSt.com. As we recently reported the firm recently has closed on the land that will become the nearly $40-million, ground-up development known as The Village at Tustin Legacy here. The center, which will sit at the core of the new 1,600-acre master-planned community of Tustin Legacy, 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 spoke exclusively with Mehigan about the project and the benefits and challenges of working with such a wide variety of mixed uses.