PREIT and Macerich Want to Redevelop Philadelphia’s Gallery Mall
A partnership made up of Pennsylvania Real Estate Investment Trust (PREIT) and mall developer The Macerich Company says it is near an agreement with the City of Philadelphia to redevelop and rebrand The Gallery, a mall downtown on Market Street.
The Gallery, which was built in 1977, is a multi-level mall anchored by Burlington Coat Factory. New York-based off-price retailer Century 21 opened a 100,000 sq. ft. store in The Gallery last October.
The partnership wants to give the mall a two-year renovation and rebrand it as the Fashion Outlets of Philadelphia at Market East. It would reopen in spring 2017.
“We believe that the proposed redevelopment will position The Gallery as the next great urban marketplace in the United States, capitalizing on its central location where mass transit, tourism, the residential population and employment bases converge,” said PREIT CEO Joseph Coradino. “The redeveloped property will become the foundation of a new, vibrant Market East District, and we are excited to lead this effort.”
Added Macerich CEO Art Coppola, “The exciting plans for The Gallery are a strong strategic fit for Macerich’s proven redevelopment expertise, our leadership in the growing outlet sector and our sizable geographic concentration in the New York City to Washington D.C. corridor. Philadelphia is one of the great cities of the world, and this is a tremendous opportunity to create a highly successful, one-of-a-kind retail, dining and entertainment experience.”
