Regency Centers Will Begin Construction Of Grand Ridge Plaza, A 280,113-square-foot Shopping Center, Anchored By Market-dominant Grocer Safeway, On 24.58 Acres In Seattle. (Graphic: Business Wire)

Regency Centers (NYSE:REG), a national owner, operator and developer of grocery-anchored shopping centers, will begin construction of Grand Ridge Plaza, a 280,113-square-foot shopping center, anchored by market-dominant grocer Safeway, on 24.58 acres. Located in the heart of Issaquah Highlands, a master planned community east of downtown Seattle, Grand Ridge Plaza will be the only major retail center to serve the community and will draw shoppers from around the region.

Regency will build a 280,113-square-foot open air, pedestrian-friendly center that includes a 44,543-square-foot Safeway and a 56,820-square-foot, 12-screen Regal Cinemas. The center’s merchandising will focus on convenience retail, restaurants, entertainment and destination retailers in order to create a regional draw from the nearby Sammamish Plateau, greater Issaquah and Interstate 90.

Safeway and the remaining center will open in fourth quarter 2013, following a first-phase opening of Regal Cinemas in second quarter 2013.

“We’re excited about becoming a long-term citizen of Issaquah Highlands, which has become a model for master planned community development due to the diligence of master developer Port Blakely Communities and the City of Issaquah,” said Craig Ramey, senior vice president for Regency Centers. “Grand Ridge Plaza is one of the last infill development sites in the area and will benefit from limited competition due to high barriers to entry. We are committed to expanding our presence in the Pacific Northwest through the development of quality shopping centers like Grand Ridge Plaza.”

Issaquah Highlands will include up to 4,540 homes, 3 million square feet of commercial space and more than 1,500 acres of parks, open spaces and trails once fully built out. With a mix of diverse neighborhoods, there are currently 3,310 homes completed or under construction. Designed around principles of New Urbanism, Issaquah Highlands was among America’s first sustainable urban villages and today serves as a model for developers and builders worldwide.

The center design was created by Fuller Sears Architects in Seattle, Wash.

“We created a village atmosphere in a clean, contemporary architectural style that complements the surrounding neighborhood and creates an inviting pedestrian environment,” said principal architect Steve Sears.

As part of Regency’s greengenuity ® program and in support of the overall sustainability principles of the Issaquah Highlands community, the project will incorporate a variety of green building strategies, including LEED certification, the foremost nationally accepted benchmark for the design, construction, and operation of green buildings. Sustainable practices will focus on energy-efficient design, use of sustainable building materials, water conservation and recycling.

“We’re thrilled to have secured just the right development partner to help fulfill our vision,” said René Ancinas, President and Chief Executive Officer of Port Blakely Companies, parent company of Port Blakely Communities. “Regency’s retail industry relationships and experience, track record of success and established partnerships with `best-in-class' national retailers is making this concept become a reality.”

Grand Ridge Plaza is located at Northeast High Street and Ninth Avenue Northeast in Issaquah, Wash.

Regency owns and manages eight properties in the Seattle-Tacoma-Bellevue market totaling 756,000 square feet, including three centers in the Issaquah/Sammamish Plateau area.

About Regency Centers

Regency is the leading national owner, operator and developer of grocery-anchored and community shopping centers. As of March 31, 2012, the company owned 365 retail properties, including those held in co-investment partnerships. Including tenant-owned square footage, the portfolio encompassed 49.8 million square feet located in top markets throughout the United States. Since 2000, Regency has developed 207 shopping centers, including those currently in-process, representing an investment at completion of $3.0 billion. Operating as a fully integrated real estate company, Regency is a qualified real estate investment trust that is self-administered and self-managed. For more information, visit RegencyCenters.com.

Copyright Business Wire 2010

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