RALEIGH, N.C.-In partnership with WelCor Development, Regency Centers just opened the Market at Colonnade, a 57,503–square-foot neighborhood center. The retail complex is anchored by a 40,000-square foot Whole Foods Market, the first newly constructed store from the organic grocer in the state.

Regency Centers invested $16 million in the center, which is estimated to create 160 permanent jobs. Market at Colonnade will create $7 million in tax revenue over the life of the project, as well as $239,000 in non-recurring fees to the City of Raleigh.

“The story here is good real estate and a best-in-class anchor,” Chris Widmayer, vice president of Regency Centers, tells GlobeSt.com. “This submarket has a very high barrier to entry. It was a long and contentious zoning process and it’s a unique opportunity in an area where real estate is scarce.”