Exhibit 23






                          Independent Auditors' Consent



The Board of Directors
Regency Realty Corporation:

We consent to  incorporation  by reference in the  registration  statements (No.
33-86886,  No.  333-930  and  No.  333-2546)  on  Form  S-3  of  Regency  Realty
Corporation  of our reports  dated  January 27,  1997,  except for Note 11 as to
which the date is March 7, 1997, relating to the consolidated  balance sheets of
Regency  Realty  Corporation  as of December 31, 1996 and 1995,  and the related
consolidated statements of operations,  stockholders' equity, and cash flows for
each of the years in the three year period ended  December 31, 1996, and related
schedule,  which  reports  appear in the December 31, 1996 annual report of Form
10-K of Regency Realty Corporation.






                                         /s/ KPMG Peat Marwick LLP   
                                         ----------------------------
                                         KPMG Peat Marwick LLP
                                         Certified Public Accountants



Jacksonville, Florida
March 24, 1997