Beyond the Gallery: Developers Snap up Three Properties on Market East
There’s an interesting wrinkle to the redevelopment of The Gallery at Market East into the Fashion Outlets of Philadelphia. PREIT and Macerich, the partnership developing the future outlet mall, have also purchased three properties across the street from the current downtrodden shopping center.
According to a report from The Inquirer’s Jacob Adelman, Joseph Coradino, PREIT’s cheif executive, said the plan is to find new tenants for these storefronts after the retailers at the Fashion Outlets of Philadelphia have been selected. They could be used to lure businesses who might not fit the plans of new shopping center, but want to be in and around the action. Remember, the East Market project is bringing apartments and gobs of retail to 11th and Market in the not-too-distant future–so there should be plenty of action in the coming years.
The Inky found out through city records that the pair bought the properties between 1010 and 1024 Market Street, which includes the wave-like Robinson department store building, under multiple (and difficult to identify) names in November 2014 for a combined $17.24 million.
The Market Street moves mean that PREIT/Macerich are targeting and acquiring key properties in and around their prized $325 million project, the completion of which has been delayed until at least 2018. Coradino relayed as much to Adelman, saying, “everything along there is of interest of us.”
Recently, PREIT has listed a few of their non core properties for sale, including the redeveloped building at 1501 Walnut Street.