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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Regency Centers Corporation    REG

REGENCY CENTERS CORPORATION

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Regency Centers : Public hearing on proposed fitness center in Corbin's Corner postponed

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02/12/2019 | 01:04pm EDT

Feb. 12--The owner of the former Toys-R-Us space on New Britain Avenue in Corbin's Corner is looking to re-purpose the roughly 38,800-square-foot space into a 24-hour fitness club called Edge Fitness.

A public hearing was originally scheduled for 7 p.m. Tuesday in room 314 of West Hartford Town Hall, 50 South Main St.

Mayor Shari Cantor said Tuesday morning that the public hearing has been rescheduled due to weather forecasts of snow, sleet and freezing rain Tuesday night. The public hearing will take place on Feb. 26 at 7 p.m. she said. Tuesday night's town council meeting has been cancelled.

The applicant and owner, Regency Centers, wants to amend the current special development district application to allow for signage to remain lit for 24 hours, change the facade of the building, add windows along the side and back of the building and pedestrian and landscaping improvements, according to an application filed with the town.

The interior space will be about 12,600 square feet smaller, according to the application.

There are currently 14 Edge Fitness centers in the state, the closest location is in Bristol. According to the fitness club's website, locations offer a variety of amenities, including group exercise classes, cinema cardio space, workouts for kids, lockers and saunas, tanning and massage, a spinning area, pilates, a turf area and women's workout area, among others.

Memberships, according to Edge Fitness center's website, start at $9.99 a month.

Town planner Todd Dumais said the Town Plan and Zoning Commission as well as the town's Design Review Advisory Council gave favorable referrals and the Town Plan and Zoning commission approved the Regency Centers' application for 24-hour operations.

Mikaela Porter can be reached at mmporter@courant.com.

Editor's note: This story has been updated.

___

(c)2019 The Hartford Courant (Hartford, Conn.)

Visit The Hartford Courant (Hartford, Conn.) at www.courant.com

Distributed by Tribune Content Agency, LLC.

© Tribune Content Agency, source Regional News

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Financials ($)
Sales 2019 1 138 M
EBIT 2019 370 M
Net income 2019 254 M
Debt 2019 3 614 M
Yield 2019 3,47%
P/E ratio 2019 44,36
P/E ratio 2020 41,45
EV / Sales 2019 13,0x
EV / Sales 2020 12,7x
Capitalization 11 119 M
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Number of Analysts 18
Average target price 71,8 $
Spread / Average Target 8,2%
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Managers
NameTitle
Martin E. Stein Chairman & Chief Executive Officer
Lisa Palmer President, Chief Financial Officer & Director
James D. Thompson Executive Vice President-Operations
Dale Johnston Chief Information Officer & Senior Vice President
Thomas G. Wattles Independent Director
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