The plans will see the leading developer and operator transform their properties into multi-use, sustainable districts, beginning with Moorestown Mall.
PREIT, which exited Chapter 11 Bankruptcy protection in December are set to begin transforming their portfolio in line with their new strategic plan moving forward. The company intends to diversity the mix of uses at its mall sites with the addition of around 6000 apartment units and several hotel sites.
The company has commented that it is focused on reinventing its platform by creating a diverse and expansive environment, marked by a healthy mix of multifamily housing, hotels, entertainment, dining, health and wellness, green space, working space and local small business retail. The company hopes that this will produce a much broader customer base, create a stronger business model and provide a greater flexibility.
Like many of PREIT’s Philadelphia and DC-area properties, Moorestown Mall is ideally situated for a residential community with tremendous access to roadways, along with over 13 million square feet of office space in the trade area. With unique tenancy including leading off-price retail purveyors, traditional retail, dining and entertainment options, Moorestown Mall offers a one-stop hub fulfilling customer needs from convenience to fun.