Regency Centers prioritizes strategic placemaking in the mid-Atlantic region
These shopping centers, which serve as community hubs, benefit from consistent foot traffic driven by necessity-based retailers and service providers, including best-in-class grocers. Open-air retail spaces with a curated merchandising mix, incorporating both national brands and local businesses that meet community needs, have proven resilient over time. Retailers are blending physical stores with e-commerce solutions, such as curbside pickup, to enhance convenience and customer experience.
Economic uncertainty has underscored the importance of disciplined capital strategies, including low leverage and targeted investments. Sustainability also remains a top priority, with investors and tenants favoring energy-efficient properties and community-focused developments.
Regency's portfolio enhancement in the mid-Atlantic region is anchored by the transformation of underutilized or aging properties into vibrant, modern spaces that meet the demands of today's retail real estate market. This approach involves meticulously analyzing market trends and economic indicators and identifying high-potential areas for investment from both a development and redevelopment point of view.
Westbard Square
Following its acquisition of the former Westbard shopping center in 2017, Regency's Washington, D.C. team took a step back to assess the site and the community's needs. Since then, Westbard Square, a 23-acre, community-centric, mixed-use development in Bethesda, Maryland, has taken shape. A thoughtful blend of retail, office and residential, Westbard Square is a multi-phase redevelopment that, upon completion, will include 148,000 square feet of retail and office space, 100 EYA townhomes, 200 apartments, open space and a 116-unit assisted living facility. Anchored by a 65,000-square-foot Giant Food grocery store, Regency recently completed the first LEED Silver certified $37 million phase of the south building, which includes 125,800 square feet of retail and office space.
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During this time frame, Kensington Senior Living also initiated construction of a 116-unit assisted living facility on the site, with plans for completion in summer 2025. The future phases, slated to start late this year, will include the development of additional EYA townhomes as well as the north building, featuring 200 multifamily housing units and 20,000 square feet of street-level retail. Phase II will also feature a new county park with a playground as well as a separate, dedicated central green situated between the north and south buildings. Acting as the hub of activity for Westbard and the surrounding community, it's designed to encourage gatherings and serve as a venue for numerous events, features a freestanding restaurant building, and will allow for the consumption of beverages thanks to Regency's partnership with Montgomery County and its new legislation allowing for new forms of licensing.
The Crossing Clarendon
The Crossing Clarendon is a 419,950-square-foot shopping center anchored by Whole Foods Market and situated in the highly desirable Arlington, Virginia, market. Upon its 2016 acquisition of the 10-acre mixed-used shopping center spread across multiple city blocks, the team envisioned an opportunity to reimagine an older building that was originally constructed as a multi-level Sears department store in 1942. Through Regency's industry-leading sustainability practices, the project earned a LEED Gold certification and attracted Life Time Athletic Club, complete with a Life Time Work component — the first location within the greater Washington, D.C., and Baltimore area to contain this sought-after offering.
Spanning 113,000 square feet across four floors plus lower-level space, the Life Time facility combines remote-work-friendly spaces with a world-class health club experience. The top floor, spanning 28,000 square feet, is a dedicated coworking space, while the athletic club and accompanying amenities occupy 85,000 square feet across the balance of the building.
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Anticipating how we live, not just how we shop, is the art of placemaking. Concepts like Life Time that align with how we work today, along with communal space that fosters connections for residents of all ages, play a role in creating a vibrant community at The Crossing Clarendon.
Most recently, Regency embarked on the next phase of its transformation of this iconic asset, and has launched its redevelopment of the two-story Barnes and Noble building, which sits prominently at the 50-yard line of the property. This redevelopment will add multiple new food and beverage operators including a prominent brewery from Charlottesville, Virginia, and a first to market restaurant from New York City. Regency will also welcome back Barnes and Noble to the building, providing the Arlington community and its longstanding gathering hub with a fresh new design.
The Loop, a centrally located communal space in the heart of The Crossing Clarendon development, is a dedicated, family-friendly spot for community connection. Tailored to all generations, the Clarendon neighborhood has embraced The Loop, which offers an array of opportunities to host events, lounge, linger and play. Similar to the structural redevelopment of The Crossing Clarendon, Regency continues to bring creative design, functionality, and sustainability together by incorporating principles from biophilic design at The Loop to increase connectivity to the natural environment. Efforts include using less paving and more verdant greenery, converting an existing drive isle into a pedestrian-only piazza, outdoor seating, innovative play structures, and more.
As Regency continues to expand its presence in the mid-Atlantic, its active capital allocation strategy and transformative redevelopment projects serve as a blueprint for success in the dynamic real estate market. By staying ahead of trends, embracing innovation and fostering community engagement, Regency continues to play a pivotal role in shaping the future of real estate in the mid-Atlantic and across the country.
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