Regency Centers Plugs Plans for Chicago Project
- Apr 18, 2017
Regency Centers Corp.’s construction frenzy continues with the company’s official announcement of Mellody Farm, a 270,000-square-foot grocery-anchored retail project 30 miles outside Downtown Chicago in Vernon Hills, Ill. The ground-up shopping center will be part of a $200 million mixed-use development.
“Mellody Farm is going to be a transformational retail experience for the surrounding area,” Matt Hendy, a vice president with Regency Centers, said in a prepared statement. “We will be creating a true sense of place here—a destination that attracts people because of our best-in-class restaurant and retail partners, walkable center layout, and innovative building design.” Torti Gallas + Partners is the architect on the project, which is designed to appeal to a specific audience: the surrounding affluent and educated residential market.
Whole Foods Market will anchor the property and share the tenant roster with such notable names as REI and Nordstrom Rack, which has signed on for 30,000 square feet.
Partnering with Regency Centers in the creation of Mellody Farm is a joint venture of Focus Development and Atlantic Realty Partners, which will develop and own the 260-unit luxury apartment segment of the property. Regency Centers has already commenced construction of the retail center and expects to welcome its first shoppers in late 2018.
It’s been roughly six weeks since Regency Centers closed its merger with Equity One and took on the title of the largest U.S. shopping center REIT by equity value—nearly $16 billion—and the grocery-anchored retail center company is still grabbing headlines with the publicizing of one new ground-up development endeavor after another. In March, Regency Centers announced the 180,000-square-foot The Field at Commonwealth, a $44.5 million undertaking in Chantilly, Va.; and earlier this month, news emerged of plans for the 70,000-square-foot Pine Crest Place project in Miami. The flurry of building activity is typical for Regency Centers; the company has developed 225 shopping centers since 2000.
Rendering courtesy of Regency Centers