The acreage at the northwest corner of Stuebner Airline andLouetta roads was assembled from seven owners in deals put togetherby Houston-based Yancey-Hausman Development Co. The Jacksonville,FL-based REIT will begin construction in the fourth quarter,Patrick Egan, Regency's senior manager of investments, A ribbon-cutting is planned for September 2003.

An 80,000-sf H-E-B and freestanding Walgreens will anchor thedevelopment, designed with 50,000 sf of inline space. The propertynow houses Kleinwood Center, built out in 1978 with a 32,000-sfH-E-B Pantry and 13,000-sf Walgreens. The older properties will beleft standing during construction, but razed when the new centerdelivers. Janus Funds and Spec's Liquor have committed to inlinespots.

James Buis, Regency's managing director for the central region,said H-E-B projects the new and larger store will generate $39million in sales or $500 per sf in the first operating year.

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