JACKSONVILLE, Fla., May 13, 2011 /PRNewswire/ -- Regency Centers, the leading national owner, operator, and developer of grocery-anchored and community shopping centers, announced that they have implemented Textura Corporation's Pre-Qualification Management in the East Region.
Regency Centers' Vice President of Project Management, Don Stedham, said, "After experiencing success with Textura's Construction Payment Management (CPM) system, we opted to add further rigor to our pre-qualification process and engaged Textura to deploy their Pre-Qualification Management (PQM) system. This application ensures that we are doing business with only those firms that can meet our high standards and expectations."
Patrick Allin, Textura CEO, stated "Regency Centers has been a great CPM client for over a year and are now fully implemented across the US. Their adoption of PQM is especially gratifying. It means that in addition to meeting the needs of contractors, our pre-qualification application also meets the needs of the very largest owners; Regency Centers is one of the largest retail real estate developers in the US. We look forward to working with Regency Centers to further evolve our PQM functionality and to roll out PQM across their organization."
"Regency Centers was using a manual process before we adopted PQM," stated Sarah Wood, Manager, Contract Administration. "PQM allows us to automate and streamline these manual processes in an efficient and effective manner. The combination of PQM and CPM allows us to communicate our expectations up front with our general contractors. For general contractors to bid on our projects, they have to be pre-qualified via PQM and Textura must certify that the general contractor is CPM-ready. This means that the general contractor's organization is set up on CPM and that the general contractor's users have been trained. This approach ensures that all of our general contractors are on a level playing field."
Mike Antis, Textura's Vice President of Client Services, commented, "Our users and executives in the East Region have been great champions for Textura over the last year. We appreciate how they have teamed with us to customize the CPM work flow to meet their needs and the needs of their contractor communities. We are working closely with the East Region to do the same for PQM and look forward to rolling out the application to the other regions across the country."
Regency Centers Corporation (NYSE: REG)
Regency is the leading national owner, operator, and developer of grocery-anchored and community shopping centers. As of December 31, 2010, the Company owned 396 retail properties, including those held in co-investment partnerships. Including tenant-owned square footage, the portfolio encompassed 53.1 million square feet located in top markets throughout the United States. Since 2000, Regency has developed 202 shopping centers, including those currently in-process, representing an investment at completion of $3.0 billion. Operating as a fully integrated real estate company, Regency is a qualified real estate investment trust that is self-administered and self-managed.
Founded in 2004, Textura has developed the only robust collaborative industry solutions for construction payment management, Textura—CPM, and for pre-qualification management, Textura—PQM.
Textura—CPM integrates all construction payment management process components – billing, lien waiver collection, statutory declaration collection, sub-tier waivers, compliance management, payments – into one seamless work flow. CPM helps contractors and others involved in construction projects realize significant efficiency benefits from automation and streamlining; and, risk reduction from improved control and visibility. To date $60 B in construction value has been processed by CPM.
Textura—PQM automates the entire pre-qualification process for everyone by facilitating the electronic submission, review, approval and updating of all pre-qualification documents. PQM's online data management system speeds the pre-qualification process by allowing subcontractors to enter their information one-time into a database which can then produce tailored pre-qualification forms that provide specific information required by individual general contractors. PQM provides contractors with dramatic efficiency benefits and a foundation for better information and decision-making. PQM supports MWBE programs. Please visit our website at www.texturacorp.com.
SOURCE Textura Corporation