US-based Regency Centres, specialises in owning, operating and developing community and grocery based shopping centres and has announced that it will begin construction of a new community centre at Petaluma, California.
Regency Centers will begin construction of East Washington Place, a 378,000-square-foot community center anchored by Target (Graphic: Business Wire)
The company plans to invest $61 million in this project which is likely to create 380 construction jobs and 720 permanent jobs. The community centre will span an area of 378,000 sq.ft and is located at the intersection of two main roads which are the East Washington Street and Highway 101. Daily traffic in these roads is estimated at 92,000.
Of the entire covered area, 121,000 sq.ft will be used for anchor space and 118,676 sqft will be used for junior anchor space and other small offices and shops. Construction is expected to commence by this week and is likely to be completed by the summer of 2013. The retail market in Petaluma does not have the presence of major retailers currently and this makes it a highly viable location in terms of demographics and tenancy interests. The company had bought land used by the Kenilworth Junior High School in 2004 and used the funds to relocate the school. It also partnered with Petaluma City School District and Petaluma National Little League for the relocation and construction of new baseball fields in Petaluma Junior High School which is likely to open during the spring of 2012.
Source: http://www.regencycenters.com