PETALUMA, CA-Regency Centers is set to begin construction this week on East Washington Place, a 378,000-square-foot community center anchored by a 138,324-square-foot Target here 39 miles north of San Francisco in Petaluma, CA. Regency Centers will invest approximately $61 million into the project, which is expected to create approximately 380 construction jobs and 720 permanent jobs.
The new development is located at the intersection of two main arterial roads, East Washington Street and Highway 101, with daily traffic counts in excess of 92,000, according to Regency Centers. According to the developer, East Washington Place “will fill a retail gap in the Petaluma market, which is currently underserved by major retailers.”
The center will include the Target store and 118,676 square feet for junior anchors, small shops and office space. The center opening is slated for summer 2013.
In 2004, Regency Centers purchased the land occupied by Kenilworth Junior High School, which used the funds to relocate and construct a new school facility. In addition, Regency Centers partnered with the Petaluma National Little League and Petaluma City School District to relocate and construct new baseball fields located at Petaluma Junior High School which will open for the Spring 2012 season.
“East Washington Place has all the key attributes that define a Regency center-market-dominant anchor, a prime infill location and superior demographics,” says Ryan Nickelson, VP of investments for Regency Centers. “Tenant interest remains high as there are very few location options in this highly desirable market that has limited opportunities for future retail development.”
The developer owns and or manages 71 properties in California totaling 9 million square feet. As of Dec. 31, 2011, the company owned 364 retail properties, including those held in co-investment partnerships. Including tenant-owned square footage, the portfolio encompassed 49.5 million square feet located in top markets throughout the US.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
