PREIT is transforming Plymouth Meeting Mall by integrating residential developments, reports Paul Schwedelson for the Philadelphia Business Journal.
The company emerged from Chapter 11 bankruptcy in April and is working to overcome $300 million in debt. Part of the plan involves leveraging land sales for liquidity.
PREIT has secured approval from Plymouth Township to develop 275 residential units on the property’s parking lot. The mall has struggled to maintain relevance due to competition from other regional shopping centers. This move is part of a larger effort to modernize the 58-year-old property.
PREIT CEO Jared Chupaila highlighted plans to shift focus. “We are looking at ways to re-tenant the interior mall portion to add more entertainment options and more dining options at Plymouth Meeting so that ultimately we reduce the amount of traditional mall retail space,” he said.
PREIT is not directly developing these residential units, but plans to partner with experts in residential construction while maintaining a master plan for the overall site. This approach allows PREIT to evolve its properties and generate revenue to manage its financial recovery. The Plymouth Meeting Mall anchors, including Boscov’s, Dick’s Sporting Goods, and Whole Foods, are set to benefit from the new mix of uses that drive visitors.
Read more about PREIT’s residential plans for the malls in their portfolio in the Philadelphia Business Journal.
Editor’s Note: This post first appeared on MONTCO Today in November 2024.
