Well, we can’t wait to see this! Yesterday, PREIT announced Macerich Co, a mall developer from California, will invest $106.8 million into redeveloping the Gallery.
Macerich owns fifty-five locations throughout the country, including the Deptford Mall. The Inquirer’s Joe DiStefano says the company, which is putting up funds along with PREIT on “on a 50/50 basis,” will be getting 50% interest out of the deal.
And what will we get out of it? Here's what DiStefano reports PREIT's CEO had to say:
PREIT's chief executive officer, Joseph F. Coradino, said that Macerich would help make the Gallery "a one-of-a-kind, premier center," and predicted that Macerich would add "strong leasing relationships to unlock significant value in the Gallery."
Macerich chairman and CEO Art Coppola said he looked forward to investing in "one of the top real estate markets in the United States," one with "strong long-term growth prospects."
And there you have it.
Although, we can't forget there's another company helping along with Gallery upgrades. Century 21, a department store chain from New York, is currently "remodeling space in the former Strawbridge & Clothier" near 8th and Market. That store is slated for an October opening, which PREIT hopes "will help anchor the mall's renovation."
In other news...
• South Philly housing prices keep taking off. Take that, Fishtown [Passyunk Post]
• Proposed Bala Cynwyd apartment project moves ahead [Main Line Times]