The Gallery won’t re-open as the Fashion Outlets of Philadelphia anytime soon.
Macerich and Pennsylvania Real Estate Investment Trust, who are co-developing the transformation of the mall, say the project won’t be finished until 2018 or 2019 now. The news was first reported by The Philadelphia Inquirer; Macerich VP Robert Perlmutter revealed the news in a conference call with analysts last week.
The Gallery, originally hailed as generator of urban rebirth, had lost its anchor tenants in recent years, and storefronts on upper floors were generally vacant. Though the mall still had a lot of foot traffic and generated respectable sales per square foot, its reputation, quite frankly, stunk.
The eastern half of the mall is closed; the western half (Gallery II) is slowly clearing out for redevelopment. When that’s done, PREIT and Macerich will rehab it into the Fashion Outlets of Philadelphia at Market East. Read more »