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NORTH LAS VEGAS-Regency Centers is under construction with mass grading for Deer Springs Town Center, a 700,000-sf power center at North 5th Street and the I-215 Beltway in North Las Vegas. The $124-million, 62-acre development will be anchored by Home Depot, Target, Babies R Us and a host of junior anchors such as Staples, PetSmart and Ross that are expected to be open for business in March 2009. A formal ground-breaking ceremony is scheduled for early next month.

The Target store will come in at around 132,000 sf, Home Depot at 106,000 sf and Babies R Us at 65,000 sf. The mid-box stores will total another 200,000 sf while in-line shop space and pads will make up the remainder. Regency Centers’ vice president of investments Mike Leonard tells GlobeSt.com that asking rates for the shop space will range from $40- to $48 per sf per year.

Across the street from Deer Springs Town Center is Deer Springs Crossing, a 35-acre, 25-building, 325,000-sf retail center by the Vegas-based Juliet Cos. The anchor tenant, a 90,000-sf Kohl’s department store opened for the 2007 holiday shopping season. The remaining 22 buildings are under construction and slated to open in late 2008.

Regency Centers hopes to achieve a LEED-Silver certification for Deer Springs Town Center from the US Green Building Council and “market the [project] as a high performance sustainable design with a higher level of efficiency,” says Brian Smith, Regency Centers’ chief investment officer and the company’s green building initiatives spokesperson.

Regency currently has several shopping centers under development for which it hopes to gain LEED certification this year and next. Some of the other projects include Shops on Main, a 350,000-sf lifestyle center in Schererville, IN; Jefferson Square, a 102,414-sf shopping center in La Quinta, CA, and; Shops of Santa Barbara, a 67,226-sf center in Santa Barbara.

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