A new retail development has officially broken ground in one of California's fastest-growing cities following years of collaboration with city partners and local stakeholders.

Why it's important: Beaumont adds thousands of new residents each year, but currently has limited retail infrastructure.

• Residents are vocal about the need for more grocery, convenience, dining and daily-needs options close to home — and Oak Valley Village responds directly to that need.

The plan: The high-visibility shopping center will be anchored by a Target and a Sprouts Farmers Market, two best-in-class retailers that will attract a diverse mix of local and national partners.

• Oak Valley Village will also be the home of health and wellness offerings and neighborhood-serving restaurants in its first phase.

Key numbers: Beaumont's population has grown nearly 19% in the last decade — and long-term projections show a roughly 55% projected population increase from 2016 to 2045.

The city's rapid growth is supported by strong schools, expanding infrastructure and an active housing pipeline across the corridor.

• Beaumont city housing plans allocate more than 4,000 sites for new homes before 2030, with several hundred lots already in development just off Oak Valley Parkway.
• In just a five-mile radius of Oak Valley Village, nearly 100,000 residents with strong homeownership rates and above-average incomes help make this development particularly sustainable for the community.

The background: Regency Centers, the developer leading Oak Valley Village, brings stability and depth to the project.

• Regency is a member of the S&P 500 with decades of experience operating in Southern California, making this a stable and rare opportunity for retailers and business owners to enter a high-demand, underserved market with strong long-term fundamentals.

What Regency is saying: Regency's partnership with local municipalities and communities while developing Oak Valley Village reflects the developer's attitude toward responsible development.

• "Oak Valley Village is designed to meet the needs of a community that has been growing faster than its retail options," Regency Centers VP of Investments Chris Sanchez said. "Our goal is to bring a modern, convenient and service-focused experience to Beaumont — one that supports local families today and for years to come."

The takeaway: This essential community infrastructure in a city experiencing rapid population growth will support Beaumont residents close to home with a modern neighborhood hub — and provide a solid choice for retailers looking for their next location.

Learn more about Regency Centers.