Irvine, CA—Ground has broken on the $10 million renovation of Heritage Plaza, one of the oldest centers in Irvine, Calif., and owned by Regency Centers.
Irvine, CA—Ground has broken on the $10 million renovation of Heritage Plaza, a 226,998-square-foot retail center in Irvine, Calif., owned by Regency Centers, a leading national owner, operator and developer of grocery-anchored and community shopping centers. The renovation of this Ralph’s-anchored center is scheduled for completion in November 2011.
The transformation will include a new exterior façade, upgraded architectural components, canvas awnings, new landscaping, new monument, building and wayfinding signage, wider pedestrian walkways, and the addition of focused gathering areas with benches, al fresco dining and sidewalk eating areas. The design was created by Nadel Architects and Hirsch & Associates, Inc.
Originally designed in the 1970s, Heritage Plaza was acquired by Regency in 1999. Even though the center is well leased and continues to be profitable, it has never undergone redevelopment — despite being one of the oldest shopping centers in Irvine.
The 44,376-square-foot Ralph’s will undergo interior remodeling in June in conjunction with the center renovation. Other tenants include CVS/pharmacy, Bank of America, Wells Fargo, Wendy’s, RadioShack and Elephant Bar Restaurant.
As of Dec. 31, 2010, Regency Centers owned 396 retail properties, including those held in co-investment partnerships. Including tenant-owned square footage, the portfolio encompassed 53.1 million square feet located in top markets throughout the United States. Since 2000 Regency has developed 202 shopping centers, including those currently in-process, representing an investment at completion of $3 billion. Operating as a fully integrated real estate company, Regency is a qualified real estate investment trust that is self-administered and self-managed.