Under the contract, Regency sold 11 acres to Target Corp., which plans to build a 125,400-sf store at CenterPlace. This marks a relocation of an existing Target in Greeley. CenterPlace will also include a 58,000-sf Safeway as the grocery anchor.

A Ross Dress for Less store, along with other national retailers, will be junior anchors.

Regency is also finalizing deals with other major retailers to open stores at the development, which would include four retail side shop buildings and six outparcels--one of which will be the Safeway gasoline pad. Construction on the entire 267,600-sf Phase I retail center, will begin immediately.

According to Michael Carter, vice president of investments for Regency Centers, CenterPlace of Greeley will create more than 1,400 jobs and generate approximately $4.3 million in annual tax revenue for the city.

"With construction scheduled to begin at once, Regency anticipates Phase I to be completed by fall 2003, with Phase II possibly underway in 2003," Carter says.

In addition, Carter says Regency is currently in negotiations with two additional department stores and several national junior anchors and is also looking to confirm contracts with several fast-food establishments, and sit-down restaurants, which would be located in the outparcel buildings.

Carter says the "retail epicenter" will directly benefit Greeley on many levels.

"A major retail shopping center is an environmentally clean business as opposed to other industries," Carter says. "CenterPlace will also provide a tremendous sales tax revenue stream to Greeley through retailer sales. In addition, the new shopping center will raise area property values, spur additional new developments, and will be a major attraction for new residents and provide amenities for local citizens for years to come."

With a population of more than 75,000, and a strong home growth rate, Carter says the area is ready for a shopping epicenter like CenterPlace of Greeley.

"As we begin development on the center, it is becoming more evident that CenterPlace will have a strong impact on the city and residents of Greeley," Carter says.

Regency owns 266 retail properties totaling 29.3 million sf located in high growth markets throughout the US.