Headlines: The Gallery Moves Another Step Forward, It’s Now Up to Council
In case you haven’t heard the news, there’s a $575 million renovation and rebranding project planned for The Gallery. In order to transform it into the Fashion Outlets of Philadelphia, developers PREIT and Macerich first needed the approval of the Philadelphia Redevelopment Authority (the landlord of the mall) and the School Reform Commission. Both entities met separately on Thursday to discuss the matter with the development team and each unanimously approved their part of the deal, clearing the way for City Council to consider it next week.
Jeff Gammage of The Inquirer reports that PRA agreed to a 69-year lease of the mall to PREIT and Macerich, which now makes things a whole helluva lot simpler in the complicated who controls what department: “The measure approved Thursday would consolidate the multiple interests that govern the Gallery’s operation under the control of the project developer.” Gammage also reports that PREIT “agreed to hire 25 percent to 40 percent women and minorities, depending on the job, as the mall is built.”
As for the SRC, PlanPhilly’s Jared Brey reports that the board voted to create a special tax-increment financing (TIF) district for the property “that would save the mall’s owners $55 million in property taxes over a period of 20 years.” Basically, the developers are on the hook for only $1.6 million in taxes through 2036. Taxes jump to “around $11.4 million” per year after that.
- Gallery’s revival clears first government hurdle [The Inquirer]
- SRC approves $55 million tax incentive for Gallery mall redevelopment [PlanPhilly]
Groundbreaking Philly Housing Complex Wins Top National Honors:
Josh Middleton over at G Philly has the scoop about the John C. Anderson Apartments, the LGBT senior housing community at 251 South 13th Street. It was named one of 10 winners of American Institute of Architects 2015 Housing Awards. How cool is that?
Apartments in Kennett Square and More Headlines:
- Kennett Square to get something rare: Apartments [Philadelphia Business Journal]
- NewCourtland turns to community for input on EPPI site [PlanPhilly]
- In Stores Soon: Ikea’s Gamechanging Furniture Line with Built-In Wireless Charging [Curbed]
- Wallet squeeze: Apartment rents projected to rise again [AP/Philly.com]
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