Headlines: The Gallery Redevelopment Is Officially a Go

Construction is set to last two years.

940x540 Fashion Outlets of Philadelphia rendering

Following City Council’s approval of six ordinances and one resolution regarding the Gallery makeover yesterday, Mayor Nutter went on to sign off on the legislation, essentially pushing the mall’s redevelopment closer to reality than before. With the $325 million project clearing all the city’s hoops, the long-awaited redevelopment is officially a go.

PREIT CEO Joseph Coradino called the day “a defining [one] for PREIT and retail in Philadelphia, as the transformation of the Gallery, an effort 12 years in the making, has taken a major step forward,” according to PR Newswire.

Part of the legislation that went through was a $55.0 million Tax Increment Financing deal, which the Inquirer’s Jeff Gammage reports backers consider fair since the city “failed to make required maintenance and improvement payments to the mall and because the investment will bring new retail properties, jobs, and revenue to the city.”

Demolition looks to be starting in August, with the Gallery set to close its doors in two phases. Construction is set to last for two years. A grand opening is expected in 2017.

In other real estate news…

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