Regency Centers Corporation (NYSE:REG), a national owner, operator and developer of grocery-anchored community shopping centers, has announced the opening of a new development in South Los Angeles. Anchoring Juanita Tate Marketplace is leading Hispanic grocer Northgate Gonzalez Market in a 42,000 square foot space. The grand opening will be held on April 14 th at 10:00 a.m. PST, and will feature a ribbon cutting ceremony to commemorate the introduction of Northgate to the surrounding area.
“This was a development fifteen years in the making,” states John Mehigan, Vice President of Investments and Regional Officer. “We have a strong commitment to the Los Angeles market, and we knew this project was something special. This center brings jobs, new food options, healthy food options, daily service needs, and nationally recognized names to the community. Juanita Tate Marketplace is a great example of Regency’s commitment to development and ability to transform neighborhoods.”
Before it became Juanita Tate Marketplace, the land off of East Slauson Ave was a used-car lot that was occupying one of the prime plots of real estate in the area. Partnering with the city of Los Angeles, Regency spent 18 months remediating before starting construction in May of 2013.
“Regency always knew that the site had so much potential, and over the years the vision for Juanita Tate really began to take shape,” continued John. “Not only are we completing a center that we have had in our development pipeline, but we spent a lot of time designing a center that looks great and will function well long term. This unique design and its ‘main-and-main’ location allowed us to attract a unique group of retailers and restaurants that will serve this community for years to come.”Development of the 6½-acre infill location, which began from the ground-up in May 2013, was made possible by the Concerned Citizens of South Central Los Angeles (CCSCLA), who sourced the opportunity in the early 1990’s. CCSCLA – which focuses on issues such as affordable housing, banking, land use and recycling in the local area – sought a development partner to build a neighborhood retail center near its headquarters. That vision has now become a reality thanks to a joint partnership with Regency Centers. As a part of the agreement, the center will lease a 1,000 square foot space to CCSCLA for the purpose of operating an adult educational training center for the community. The center is named for the late Juanita Tate, a community activist who was involved with the CCSCLA, and who advocated for green space for citizens of South Los Angeles. It is estimated that the center will create close to 200 new jobs.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts