The re-invention of its business platform that helped win PREIT a swift exit from Chapter 11 protection in December will see one of its first executions at Moorestown Mall in the Philadelphia metro area.
PREIT has secured a rezoning agreement to allow the addition of more than 1,000 apartment units and hotel at Moorestown, located just six miles from the company’s Cherry Hill Mall in suburban New Jersey. The big mall owner’s new densification program calls for the sale of land within its properties to multifamily developers and hotel operators. It expects the plan to add 5,000 to 7,000 apartment units and several hotels to its sites.
Moorestown Mall was chosen for mixed-use renovation due to its access to the New Jersey Turnpike and Route 73, which leads to the Betsy Ross Bridge and Philadelphia. Some 13 million sq. ft. of office space resides in the mall’s market area, as well.
“The addition of apartments and hotels will benefit our existing tenants and communities by increasing visits to the property and delivering a new customer,” said PREIT CEO Joseph F. Coradino.
The hotel and 375 residential units will comprise Phase 1 of the redevelopment at Moorestown.