Regency Centers to Develop Phase I of Nocatee Town Center

December 17th, 2007

Ponte Vedra, FL — December 18, 2007 —The PARC Group, master developer of the Town of Nocatee has announced the sale of 24 acres in the Nocatee Town Center to Regency Centers Corporation for the construction of retail shops, restaurants, banks, and other uses.

“We have been working with Regency for over a year on the planning and design of Nocatee’s TownCenter,” said Richard T. Ray, a partner with the PARC Group. “We are confident that Regency Centers will create a unique environment for shopping and entertainment in the heart of Nocatee”.

Regency Centers is the leading national owner, operator, and developer of grocery-anchored and community shopping centers. At September 30, 2007, the Company owned 447 retail properties, including those held in co-investment partnerships. Including tenant-owned square footage, the portfolio encompassed 59.0 million square feet located in top markets throughout the United States. Since 2000 Regency has developed 179 shopping centers, including those currently in-process, representing an investment at completion of approximately $2.8 billion. Operating as a fully integrated real estate company, Regency is a qualified real estate investment trust that is self-administered and self-managed.

The first phase of the NocateeTownCenter is planned for a mix of tenants; a grocery, several restaurants and banks will meet the daily shopping needs of Nocatee residents. Future phases will be constructed over time and are expected to include a mix of retail and office in a cohesive architectural style to include public open spaces, park areas, and fountains.

Construction is expected to begin early in 2008 with the first opening scheduled for mid-2009.

The Town of Nocatee is a master-planned community of over 14,000 acres that spans the northeast portion of St. JohnsCounty and the southeastern corner of DuvalCounty. The Nocatee plan is a balanced approach to development to provide schools, shopping areas, restaurants, civic and recreational areas as well as employment opportunities to fit the varied residential lifestyles.

Nocatee. Grand. Coastal. Incredibly Right