Regency Plans 350,000-SF Shops on Main

[IMGCAP(1)]SCHERERVILLE, IN-Regency Centers, based in Jacksonville, FL, is planning a 350,000-sf retail center at the intersection of US 41 and Main Street. The company recently broke ground on the project and will start construction on the core and shell in April 2008. Scott Wilson, a VP of construction for Regency Centers, could not give an estimate for the cost of the project at this time because the land for the development is still under contract.

[IMGCAP(2)]The location for the lifestyle center was chosen because, “It is a high-traffic area in northwest Indiana [and] the demographics are good,” says Jim Suthphen, VP of construction in the Midwest for Regency Centers. The center will have “upscale” retailers and restaurants with approximately 60% of the gross leasable area currently accounted for in lease negotiations and letter of intent negotiations, he says.