Port Blakely announces partner to develop highlands retail
July 6, 2011
By Warren Kagarise
NEW — 10 a.m. July 6, 2011
Issaquah Highlands developer Port Blakely Communities and a Florida-based developer have teamed up to revive stalled commercial development in the neighborhood.
Port Blakely and Jacksonville-based Regency Centers announced the agreement Wednesday morning.
Under the agreement, Regency Centers, a real estate investment trust, is due to purchase about 14 acres of highlands land and build a 175,000-square-foot neighborhood retail center along Northeast High Street and Northeast Park Drive.
Regency Centers also plans to acquire a 39,000-square-foot mixed-use retail and office building along Northeast Park Drive.
The companies did not disclose terms of the transaction. No tenants have been announced for the proposed retail center.
Craig Ramey, senior vice president and senior market officer for Regency Centers, said the company intends to pursue a grocer, retailers, restaurants and service providers for the complex.
“We’ve worked very hard for a long time to find just the right partner to help us fulfill our vision,” Rene Ancinas, CEO of Port Blakely Companies and president of Port Blakely Communities, said in a statement. “Regency Centers is a leading national shopping center owner and developer with a track record of bringing premier convenience-based centers that add value to their communities.”
Regency Centers has developed 204 shopping centers in the Northwest and throughout the United States.
“Regency brings both national experience and local awareness to the project,” Ramey said in a statement. “We are confident that this development will create a hub for a vibrant community that is already among the region’s top places to live, work and play.”
The announcement is the latest milestone for the hillside neighborhood. The long-proposed plans for a cinema and grocery store in the neighborhood remain unrealized.
However, Swedish/Issaquah is projected to create 1,000 jobs in the community, and officials said the hospital’s impending opening had spurred interest in the highlands.