Pennsylvania Real Estate Investment Trusts (PREIT) has announced that it will be partnering with Macerich Co. from California to revitalize the Gallery Mall in Philadelphia. Over $106 million has been earmarked for renovations that are certain to bring vendors and customers into the 1.4 million square foot shopping center. The future of the Gallery Mall is definitely looking up!
With the recent loss of some older vendors, such as K-Mart, Macerich and PREIT hope to reinvent the Gallery Mall with upscale shops that make urban luxury accessible. The two story vacancy left by K-Mart will likely be filled by more than one store, since few anchor shops fill such a high volume of square footage in dense urban areas. Other considerations for mall improvements and additions include a hotel tower, a casino, and luxury retail shops. Detailed plans have yet to be revealed, but excitement is surging over the possibilities.
Macerich has experience in developing successful shopping centers in urban areas from California to New York, and they are eager to begin work in Philadelphia as well. With ample space and an ideal location, the Gallery Mall is likely to enjoy impressive results from the injection of cash and creativity that Macerich promises to bring to the project. Not only will shopping opportunities increase, but hundreds of jobs will be created throughout the construction process and then in the new stores, restaurants, and services that will open in the renovated space.
Gallery Mall currently contains over 130 stores and a food court. Located in Center City Philadelphia, the mall receives large amounts of foot traffic and is close to public transit. Some current Gallery retailers are Burlington Coat Factory, Books-a-Million, Game Stop, Foot Locker, Old Navy, and Youth Spirit. The renovations promise more upscale retailers in the refurbished spaces.
Large projects like this promised revitalization of the Gallery Mall demonstrate the value that exists in Philadelphia real estate. With varied neighborhoods and communities, Philadelphia has entertainment, employment and housing opportunities for everyone.
As a realtor in Philadelphia, I am always excited about the possibilities of our city becoming a better place for us to live and for others to visit, and I hope you’re just as interested about this cool new project! If you enjoyed this post please share with others below and signup to receive future posts directly in your email so you never miss one!
About Agent Lady: Cherise Wynne is a leading real estate agent in Philadelphia, helping home buyers and sellers navigate the City of Brotherly Love, with a special focus on first time home buyers. To chat about getting started with your first time home buying experience, click here.