The Shops at Riverwood, a retail development in Boston’s Hyde Park neighborhood, was recently unveiled.

It is expected to revitalize the newly named Riverwood neighborhood of Hyde Park through its mix of retail establishments, restaurants, and community space, according to a statement.

The development at 892 River St., received Boston Invests in Growth funds, made available by Boston Mayor Thomas Menino through the city’s Department of Neighborhood Development.

A Price Rite supermarket and a Sovereign Bank opened in February in the plaza. Additional retail establishments will be added in the coming months as subsequent phases of development are completed. The next phase is expected to be completed by early 2011. The development is expected to create 300 permanent jobs.

"This is an exciting day for us, and for the neighborhood," said Todd Finard, a partner with Finard Properties, the project’s developer. "Our location next to the Neponset River makes this a perfect gathering-place for the neighborhood."