CenterPlace development planned

GREELEY — Regency Centers (NYSE: REG) purchased the 36.4 acre development known as CenterPlace of Greeley and plans to anchor the site with Target and Safeway stores.

Target plans to build a 125,400-square-foot store there and relocate its current Greeley location, while Safeway will build a 58,000-square-foot grocery store in the development. Ross Dress for Less is expected to serve as a junior anchor and Regency is in the process of finalizing deals with several other major retailers for the site. Construction is expected to begin immediately.

Michael Carter, vice president of investments for Regency Centers, said the new development will create over 1,400 jobs and generate approximately $4.3 million in annual tax revenue for the city. A first phase is expected to be completed by fall 2003.

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Regency owns 266 retail properties totaling 29.3 million square feet throughout the United States.