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[IMGCAP(1)]SCHERERVILLE, IN-Regency Centers, based in Jacksonville, FL, is planning a 350,000-sf retail center at the intersection of US 41 and Main Street. The company recently broke ground on the project and will start construction on the core and shell in April 2008. Scott Wilson, a VP of construction for Regency Centers, could not give an estimate for the cost of the project at this time because the land for the development is still under contract.

[IMGCAP(2)]The location for the lifestyle center was chosen because, “It is a high-traffic area in northwest Indiana [and] the demographics are good,” says Jim Suthphen, VP of construction in the Midwest for Regency Centers. The center will have “upscale” retailers and restaurants with approximately 60% of the gross leasable area currently accounted for in lease negotiations and letter of intent negotiations, he says.

Retailers will include “a significant amount of apparel, a significant amount of restaurant space, a number of specialty stores and junior box anchor tenants,” Suthphen says. He declines to tell an asking lease rate, because it ranges depending on the size and location of the tenant.

The development will also have gathering areas, cobblestone crosswalks and open areas to make the development a town center. Core and shell space is expected to be turned over to retailers in November 2008 and December 2008 with the grand opening for the shopping center planned for May 1, 2009.

Regency Centers is seeking LEED core and shell certification for the project. The developers, which have a green building initiative, plan to use local and recycled materials, high-efficiency mechanical systems and native plant material designed to be low maintenance and require less water, Suthphen says. Developing green buildings has financial benefits, such as reducing operating costs and makes the company “a better partner in the community,” Wilson says. Regency Centers has developed approximately 400 retail centers with a total of approximately 55 million sf, he says.

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