Plymouth Meeting-based Bel Canto Asset Growth Fund is developing an apartment complex at the Moorestown Mall, which is owned by PREIT, writes Kevin Riordan for The Press of Atlantic City.

PREIT owns several area malls, including Plymouth Meeting Mall, Willow Grove Park Mall, and Cherry Hill Mall, sold four acres of its Moorestown Mall site last year to Bel Canto in an effort to breathe new life into the struggling South Jersey mall.

The mall has over 1 million square feet of leasable space along with 5,322 parking spaces on an 84-acre property. It is currently around 80 percent occupied.

“A lot of malls need an infusion of consumers, but they don’t have Moorestown’s level of retail,” said Jennifer Nevitt, CEO of Bel Canto Asset Growth Fund.

The company is now developing 375 apartments and a parking garage on the acquired site.

“We believe in creating neighborhoods,” she said. “The quality of the retail will be a convenience for people who live there, including those who work from home, and it will help create a neighborhood feeling.”

Read more about Bel Canto Asset Growth Fund and PREIT’s Moorestown Mall development of the apartment complex in The Press of Atlantic City.