Regency Begins Construction on $16 Million Redevelopment

by Nate Hunter

Granada Hills, CA — Regency Centers has begun construction on the $16 million redevelopment of Granada Village in the San Fernando Valley. 

Granada Hills, CA — Regency Centers, a national owner, operator and developer of grocery-anchored and community shopping centers, has begun construction on the redevelopment of Granada Village, a 225,000-square-foot neighborhood center located in the San Fernando Valley. The $16 million redevelopment will convert the 46-year-old center into a regional draw with the addition of new-to-the-market retailers, sustainable design elements and upgraded center façade and amenities. The redevelopment is scheduled for completion in spring 2012.

Sprouts Farmers Market, a specialty grocer featuring locally grown farm-fresh produce, will open a 25,000-square-foot store in September 2011. It will be Sprouts’ only location within a 20-mile radius.

Designed by Nadel Architects, the center will feature a modernized Spanish Colonial style. The redevelopment will include a new exterior façade, upgraded architectural components, a new pedestrian plaza, signage and parking lot improvements. One of the unique elements will be the creation of an outdoor dining district at the front of the center with connected patios and trellised seating areas to create energy and to increase pedestrian activity.

As part of Regency’s greengenuity™ program for sustainable green building and development practices, the center will incorporate energy-efficient lighting, an underground storm water retention and treatment system, water-efficient landscaping and a charging station for electric cars.

“We’ve incorporated sustainable elements in the project that can lower tenants’ operational costs through common area maintenance savings,” says Heather Randall, Regency Centers’ vice president and regional officer. “For example, upgrading the light fixtures will reduce common area energy use by 15% to 30%.” Portions of the project will pursue LEED Core-and-Shell certification.

Located 21 miles northwest of downtown Los Angeles, Granada Village was built in 1965 and acquired by Regency Centers in 2005. Regency currently owns 19 shopping centers in the Los Angeles market totaling 2.4 million square feet of retail space.

As of December 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.

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For more information on Regency Centers’ California redevelopments, click here.


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