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Regency Centers Expands in Triangle Region

JACKSONVILLE, FL-The local retail REIT is building a 57,000-square-foot Whole Foods center in Raleigh, NC.

By Carl Cronan | Updated on January 31, 2010

JACKSONVILLE, FL-Locally based Regency Centers Inc. is expanding within North Carolina’s Research Triangle region, including construction of a $20-million shopping center in Raleigh. Ground will be broken this week on the Market at Colonnade more than two years after the project was initially proposed.

Regency, a retail REIT with at least 400 properties nationwide, is collaborating with Austin, TX-based Whole Foods Market and Cary, NC-based WelCor Development on the 57,000-square-foot complex at Six Forks Road and Colonnade Center Drive. The partners plan to seek LEED certification by the US Green Building Council, which would make the Market at Colonnade the region’s first “green” shopping center upon opening next year.

A lengthy zoning process and grassroots campaign by local residents preceded the start of construction for the center, says Chris Widmayer, Regency’s vice president of investments in Raleigh. The project will create 120 construction jobs and add 160 permanent jobs within the Triangle, along with $7 million in annual tax revenue, he says.

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