Morning Headlines: Is The Gallery Still on Track After Hostile Takeover Bid?

Plus: Where should new roundabouts go?; Micro-grants and NIMBY-less skyscrapers.


The Gallery has been all over the news lately. The beloved 2 Street Cafe closed its doors for good this past weekend and now comes word that Macerich, co-investor with PREIT in the redevelopment at The Gallery, shot down an attempted $16 billion hostile takeover bid by Simon Property Group, the largest mall operator in the nation.

The Associated Press is reporting that Simon, who recently renovated Franklin Mills into Philadelphia Mills, approached Macerich about the deal earlier this month. Macerich refused the deal, citing that it undervalued their company, wasn’t a good fit for their shareholders and could even violate antitrust laws. So does this power grab sidetrack the project at The Gallery?

After Simon made its bid for Macerich, PREIT spokeswoman Heather Crowell said the offer did not “change either the plans or the schedule for the redevelopment of the Gallery.”


More headline action this way:

More from the Philly Mag-iverse:

  • Got a space with really high ceilings? Be Well says Brooklyn Boulders is looking for space in Center City for a rock climbing facility.
  • Over at Citified, Malcolm Burnley has an exclusive chat with a higher-up at SEPTA, who says Philly’s next big thing will be sleek, modern trolley cars that offer ease of access.

Lists that don’t really make a whole lot of sense:

  • This list from Redfin says Jay Wright gets paid well (duh, suits) and could buy a house that he would probably never buy.

 Get at us: