Regency Centers Announces Redevelopment of Properties in Thousand Oaks

LOS ANGELES, CA. (April 11, 2014) – Regency Centers Corporation (NYSE:REG) has announced that it will redevelop three adjacent properties in the affluent Los Angeles suburb of Thousand Oaks into a single, unified center. Collectively known at this time as “the Westlake Village,” the three centers that will make up the redevelopment include Westlake Village Plaza, Westlake Village Plaza and Center, and Gelson’s Westlake Market Plaza. The $25 million dollar redevelopment will be a watershed project for the area, and will provide a plethora of specialty retailers and site upgrades.

“Our vision for this redevelopment is to build on its foundation as a charming respite - a place where the community comes every day to shop, interact and enjoy,” said Patrick Conway, Vice President, Regional Officer. “We’re focusing our efforts on upgrading the overall experience, and moving forward on a path that celebrates Westlake Plaza’s uniqueness in the region. Additional upgrades will include streamlined traffic flow and new walking paths that will improve pedestrian movement throughout the center.”

The center, which already boasts a diverse mix of national and local tenants, will be joined by Mendocino Farms, Pitfire Artisan Pizza, Le Pain Quotidien, Pressed Juicery and Firefly. Located at the corner of Westlake Boulevard and Agoura Road in the heart of Thousand Oaks, the shopping centers provide a strong customer base for anchor stores Gelson’s, Sprouts Farmers Market, Vons, and CVS. Other notable tenants include Starbucks, Jamba Juice, Coffee Bean & Tea Leaf, and Drybar as well as popular local establishments such as Sea Casa, Sugar (women’s clothing), Tuscany Ristorante, Galletto’s Bar & Grille, Siany, Natural Cafe and Sweet Arlene’s, home of the award winning cupcake.

The project is expected to be completed fall 2014. The work will include rejuvenated façades, LED lighting, signage, water features, enhanced landscaping and hardscaping throughout the property. The property has many Oak Trees, only three of which are native.  To ensure an appropriate understanding of the condition of the trees, Westlake Plaza and Center engaged an independent, Board Certified Master Arborist, who determined that many of the current trees could not be saved due to disease. Upon that determination, Westlake Plaza and Center progressed through the prescribed city process to remove the trees.  As part of that process, Westlake Plaza and Center is permitted to remove 36 trees which are being replaced with 102 new oak and landmark trees, of which 80 will have a combined trunk diameter that exceeds that of the removed trees, to rebuild the important habitat and create a space that benefits the community now and in the future.  

Contact: Eric W. Rose (805) 624-0572 or eric@ekapr.com

About Regency Centers Corporation (NYSE:REG)

Regency is the preeminent national owner, operator and developer of high-quality grocery-anchored and community shopping centers. As of Dec. 31, 2013, the company owned 328 retail properties, including those held in co-investment partnerships. Including retailer-owned square footage, the portfolio encompassed 43.3 million square feet located in top markets throughout the United States. Since 2000, Regency has developed 214 shopping centers, including those currently in process, representing an investment at completion of more than $3 billion. Operating as a fully integrated real estate company, Regency is a qualified real estate investment trust that is self-administered and self-managed.