EXHIBIT 21.1
                                                                    ------------

                     LIST OF SUBSIDIARIES OF THE REGISTRANT


     Below is a list of the  direct and  indirect  subsidiaries  of Equity  One,
Inc., a Maryland corporation, and the corresponding states of organization:


         Name of Entity                             State of Organization
         --------------                             ---------------------

     Bandera Festival GP, LLC                                Texas
     Bandera Festival Partners, LP                           Texas
     BC Center Partners, LP                                  Texas
     Beechnut Centre Corp.                                   Texas
     Beechnut Centre I L.P.                                  Texas
     Benbrook Centre Corp.                                   Texas
     Bend Shopping Centre Corp.                              Texas
     Bend Shopping Centre I L.P.                             Texas
     Boca Village Square, Inc.                               Florida
     Boca Village Square, Ltd.                               Florida
     Boynton Plaza Shopping Center, Inc.                     Florida
     Cashmere Developments, Inc.                             Florida
     CDG (Park Place) LLC                                    Texas
     Centerfund (US), LLC                                    Delaware
     Centerfund Development Group, LLC                       Delaware
     Centrefund (PGA) LLC                                    Delaware
     Centrefund Acquisition (Texas) Corp.                    Texas
     Centrefund Acquisition Corp.                            Florida
     Centrefund Development (Gainesville) LLC                Delaware
     Centrefund Development Group II LLC                     Delaware
     Centrefund Realty (U.S.) Corporation                    Delaware
     Colony GP, LLC                                          Texas
     Copperfield Crossing, Inc.                              Texas
     East Townsend Square, Inc.                              Texas
     Eastbelt Centre Corp.                                   Texas
     Eastbelt Centre I L.P.                                  Texas
     Equity (Landing) Inc.                                   Texas
     Equity (Park Promenade) Inc.                            Texas
     Equity One (147) Inc.                                   Florida
     Equity One (Alpha) Inc.                                 Florida
     Equity One (Atlantic Village) Inc.                      Florida
     Equity One (Beauclerc) Inc.                             Florida
     Equity One (Beta) Inc.                                  Florida
     Equity One (Clematis) LLC                               Florida
     Equity One (Commonwealth) Inc.                          Florida
     Equity One Construction Inc.                            Florida
     Equity One (Coral Way) Inc.                             Florida
     Equity One (Delta) Inc.                                 Florida
     Equity One (El Novillo) Inc.                            Florida
     Equity One (Eustis Square) Inc.                         Florida
     Equity One (Forest Edge) Inc.                           Florida
     Equity One (Forest Village Phase II) Inc.               Florida
     Equity One (Forest Village) Inc.                        Florida
     Equity One (Gamma) Inc.                                 Florida
     Equity One (Lake Mary) Inc.                             Florida

     Equity One (Lantana) Inc.                               Florida
     Equity One (Losco) Inc.                                 Florida
     Equity One (Mandarin) Inc.                              Florida
     Equity One (Mariner) Inc.                               Florida
     Equity One (Monument) Inc.                              Florida
     Equity One (North Port) Inc.                            Florida
     Equity One (Oak Hill) Inc.                              Florida
     Equity One (Olive) Inc.                                 Florida
     Equity One (Pine Island) Inc.                           Florida
     Equity One (Point Royale) Inc.                          Florida
     Equity One (Sky Lake) Inc.                              Florida
     Equity One (Summerlin) Inc.                             Florida
     Equity One (Walden Woods) Inc.                          Florida
     Equity One (West Lake) Inc.                             Florida
     Equity One Acquisition Corp.                            Florida
     Equity One Properties, Inc.                             Florida
     Equity One Realty & Management SE, Inc.                 Georgia
     Equity One Realty & Management Texas, Inc.              Texas
     Equity One Realty & Management FL, Inc.                    Florida
     Equity Texas Properties, LLC                            Florida
     FC Market GP, LLC                                       Texas
     FC Market Partners, LP                                  Texas
     Florida Del Rey Holdings II, Inc.                       Florida
     Forrestwood Equity Partners GP, LLC                     Texas
     Forrestwood Equity Partners, LP                         Texas
     Garland & Barns, LLC                                    Texas
     Garland & Jupiter, LLC                                  Texas
     Gazit Meridian Inc.                                     Florida
     Grogan Centre Corp.                                     Texas
     Grogan Centre I L.P.                                    Texas
     Harbor Barker Cypress GP, LLC                           Texas
     Hedwig GP, LLC                                          Texas
     Hedwig Partners, LP                                     Texas
     Homestead Market Center, Inc.                           Florida
     KirkBiss GP, LLC                                        Texas
     Kirkwood-Bissonnet Partners, LP                         Texas
     Leesburg DrugStore, LLC                                 Florida
     Marco Town Center, Inc.                                 Florida
     Mariner Outparcel, Inc.                                 Florida
     Mason Park GP, LLC                                      Texas
     Mason Park Partners, LP                                 Texas
     McMinn Holdings, Inc.                                   Tennessee
     North American Acquisition Corp.                        Florida
     North Kingwood Centre Corp.                             Texas
     Oakbrook Square Shopping Center Corp.                   Florida
     Parcel F, LLC                                           Florida
     Park Northern/Centennial Partners, L.P.                 Texas
     Plymouth East One Acquisition Corp.                     Texas
     Plymouth East Two Acquisition Corp.                     Texas
     Plymouth North Acquisition Corp.                        Texas
     Plymouth South Acquisition Corp.                        Texas
     Plymouth Story North Acquisition Corp.                  Texas
     Plymouth West Acquisition Corp.                         Texas
     Prosperity Shopping Center Corp.                        Florida
     PSL Developments, Inc.                                  Florida
     Ryanwood Shopping Center, L.L.C.                        Florida

     SA Blanco Village Partners GP, LLC                      Texas
     SA Blanco Village Partners, LP                          Texas
     Salerno Village Shopping Centre, LLC                    Florida
     Sawgrass Promenade, Inc.                                Florida
     Shoppes at Jonathan's Landing, Inc.                     Florida
     Shoppes at Westbury Shopping Center, Inc.               Florida
     Shoppes of Ibis, Inc.                                   Florida
     Skipper Palms Property, Inc.                            Florida
     South Kingwood Centre Corp.                             Texas
     Spring Shadows GP, LLC                                  Texas
     St. Charles Outparcel, Inc.                             Florida
     Steeplechase Centre Corp.                               Texas
     Steeplechase Centre I L.P.                              Texas
     Sterling Shopping Centre, Inc.                          Texas
     Southwest 19 Northern, Inc.                             Arizona
     Texas CP Land, LP                                       Texas
     Texas Equity Holdings LLC                               Florida
     Texas Spring Shadows Partners, LP                       Texas
     The Bluffs Shopping Center Corp.                        Florida
     The Harbour Center, Inc.                                Florida
     The Meadows Shopping Center, LLC                        Florida
     The Shoppes of Eastwood, LLC                            Florida
     The Shoppes of North Port, Ltd.                         Florida
     Turkey Lake Shopping Center, Inc.                       Florida
     UIRT GP, L.L.C.                                         Florida
     UIRT Highland Square, Inc.                              Texas
     UIRT I - Centennial, Inc.                               Texas
     UIRT LP, L.L.C.                                         Florida
     UIRT, Ltd.                                              Florida
     UIRT - University Park, Inc.                            Texas
     UIRT - Benchmark, Inc.                                  Texas
     UIRT - Big Curve, Inc.                                  Arizona
     UIRT - Colony Plaza, Inc.                               Texas
     UIRT - Lake St. Charles, LLC                            Florida
     UIRT - Melbourne Plaza, Inc.                            Texas
     UIRT - Northwest Crossing, Inc.                         Texas
     UIRT - Rosemeade, Inc.                                  Texas
     UIRT - Skipper Palms, L.L.C.                            Florida
     UIRT/University Park-I, L.P.                            Texas
     United Investors Pembroke, Inc.                         Florida
     Walden Woods Village, Ltd.                              Florida
     West Hills Shopping Center, Inc.                        Florida
     West Townsend Square, Inc.                              Texas
     Wickham DrugStore, LLC                                  Florida
     Wimbledon Center Corp.                                  Texas
     Wurzbach Centre, LLC                                    Texas
     IRT Partners, L.P.                                      Georgia
     IRT Capital Corporation II                              Georgia
     IRT Alabama, Inc.                                       Alabama
     IRT Management Company                                  Georgia
     The Rudderson Company                                   South Carolina
     IRT Coral Springs, LLC                                  Delaware
     IRT Heritage Walk, LLC                                  Delaware
     IRT MacLand Pointe, LLC                                 Delaware
     IRT Parkwest Crossing, LLC                              North Carolina