Regency Centers Corporation (NYSE:REG), a national owner, operator and developer of grocery-anchored community shopping centers, announced today the development of Glen Gate, a 102,876-square-foot center located in Glenview, Ill., a North Shore suburb of Chicago. The shopping center will be anchored by a 75,564-square-foot Mariano’s Fresh Market, expected to open in fall 2014. The project will also have one outlot with an additional 24,000 square feet for retail and restaurants.
Rendering of Shops on Main (Photo: Business Wire)
Positioned at the northeast corner of Waukegan Road and Golf Road, which combined carry about 60,000 vehicles per day, Glen Gate is surrounded by a population of approximately 140,000 within a three-mile radius. The Village of Golf’s Metra stop is adjacent to this site, classifying the project as a transit-oriented development. Glen Gate will be developed on two land parcels totaling 21 acres, 7.6 of which were sold by Regency to Atlantic Realty Partners, Focus Development and The Carlyle Group, who plan to build 238 luxury apartments north of the shopping center.
“We are thrilled to be adding our second shopping center in Glenview and fourth along the Waukegan Road corridor,” said Senior Manager of Investments Matt Hendy. “With a dense population of above-average household incomes, this area is an extremely desirable market for new projects.”
Regency currently has more than 300,000 square feet of retail shopping centers under construction in metro Chicago. In addition to Glen Gate, Shops on Main is a 200,000-square-foot community shopping center under construction in Schererville, Ind., which is located 25 miles southeast of downtown Chicago. Shops on Main is strategically located at the intersection of two main arterial roads, U.S. Route 41 and Main Street. In May, construction began on phase one of the project, which will be anchored by Gordmans, Ross Dress for Less, HomeGoods and DSW Designer Shoe Warehouse. The initial phase will cost $50 million, and some anchors are scheduled to open in spring 2014.