West Palm Beach, FL (PRWEB) February 15, 2006
Flood Zone Correction, Inc., the nation’s first flood zone correction company, recently contracted with Regency Centers Corporation, “Regency,” (NYSE: REG), an owner, operator and developer focused on grocery-anchored, neighborhood and community retail centers, to evaluate the true flood risk of the company’s buildings in high-risk flood zones. Regency’s portfolio encompasses over 49.5 million square feet in high growth markets throughout the United States.
Flood Zone Correction, Inc. will perform a comprehensive flood risk analysis using proprietary methodology to determine if three (3) Regency retail plazas in California, Colorado and Delaware are at high risk or low risk of flooding during a 100-year flood event. A flood risk analysis is a proactive risk management strategy that identifies the true flood risk profile of a residential or commercial structure. Should the analysis reveal a low risk of flooding, FZC will petition the Federal Emergency Management Agency (FEMA) to correct the designation. The process of flood zone correction saves clients millions of dollars every year on flood insurance premiums and adds tens of millions of dollars to property values.
“This is the second assignment we’ve received from Regency and I’m honored they selected FZC to analyze the flood risk of these properties,” states Dan Freudenthal, president of Flood Zone Correction, Inc. Freudenthal continues, “Since 2001, Flood Zone Correction, Inc. has successfully reclassified over 90 percent of properties evaluated.”
Founded in 1963 and established in 1993 as a qualified real estate investment trust (REIT), as of September 2005, Regency owned 389 retail properties, including those held in joint ventures. Since 2000, Regency has developed 134 shopping centers, including those currently in-process, representing an investment at completion of approximately $1.7 billion. The company maintains corporate offices in Jacksonville, FL.
Flood Zone Correction, Inc., a Florida corporation headquartered in West Palm Beach, is the leading advocate for accuracy in the evaluation of flood risk and fairness in the imposition of flood insurance requirements. Flood Zone Correction, Inc. clients own and or operate well over two million multifamily units and over one thousand shopping malls, retail plazas, office buildings and industrial properties, as well as single family homes, townhouses and condominiums. For more information, including a free flood risk analysis, visit the company’s website at http://www.floodzonecorrection.com or call 1- (877) Flood Zone (877-356-6396).