The Gallery is about to become something very, very different.
The Inquirer reports that the urban mall — known and sometimes (but not always) loved for its grittiness — is about to undergo a major renovation:
California-based Macerich Co., which owns 55 U.S. shopping centers including the Deptford Mall, will invest $106.8 million in a joint venture to redevelop the Gallery at Market East and offer “accessible luxury retailing” there, Pennsylvania Real Estate Investment Trust, owner of the 1.4 million-square-foot Center City shopping complex, said Tuesday.
In a Tuesday evening statement, PREIT said Macerich has experience leasing retail space “in dense, urban environments” – it has malls in Brooklyn and Queens in New York City. Macerich will acquire a 50 percent interest in the Gallery under terms of the deal. PREIT will invest with Macerich in Gallery improvements on a 50/50 basis.
Indeed, the transformation has begun: Kmart closed earlier this year, and a Century 21 fashion store is remodeling space at the east end of the Gallery with an eye toward an October opening.