During a conference call this past Wednesday, PREIT president Joseph F. Coradino alluded to a possible contribution from City Council that would go into renovating parts of the Gallery. The Inquirer’s David Sell has the statement:
“We’re poised to deliver a world-class project. Our discussion with the public sector continues to progress with the expectation that City Council will consider a public financing package in December and ratify it in early 2015. As this process unfolds, we intend to update you on our vision, scope, schedule, and returns.”
Sell reports that a Thursday call to Council President Darrell Clarke’s spokeswoman about the news hit a dead end as she was “unaware of such plans for Council consideration.”
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Detail from a photo from labelscar.com
“It could be high-fashion, it could be Forever 21″ we reported last December of PREIT’s plans for the Gallery. Well, it appears the high-end road will not be taken anytime soon. Instead, the space of the soon-to-be-closed Kmart will more likely house stores of the latter variety, in addition to getting a strong food presence.
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The building on the northwest corner of 15th and Walnut once had an illustrious tenant: Louis I. Kahn, the celebrated modernist architect, had his office there. Today its tenants consist of three retail shops and a Pennsylvania lottery.
Buyer Pennsylvania Real Estate Investment Trust (PREIT), which owns the Gallery, as well as many other malls, has not offered specifics about what will happen with the 14,000-square-foot property.
• PREIT buys 15th & Walnut corner [PhillyDeals]
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The mysterious game-changing redevelopment project PREIT has planned for the Gallery has become a little less elusive. Sort of. Since October, PREIT has dropped more hints about what “transformative” retailers will bring to Philadelphia’s retail scene. From the Inquirer:
“We anticipate delivering a project that is a focal point for the City of Philadelphia, drives the transformation of the retail landscape in the city and the evolution of the corridor into a vibrant shopping, entertainment, and dining district.”
Apparently, the positive impact East Market Street gets will come from one of two ways:
“One is a high-fashion anchor center utilizing one of the four high-fashion department stores. Another possible alternative is what we call ‘fast fashion and food,’ if you will, and that is to redevelop [the area] more consistent with some of the more trendy suburban mall tenants – like the Forever 21, the H&M, the Uniqlo.”
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