Pennsylvania Real Estate Investment Trust
Councilman Mark Squilla, whose district includes the Gallery shopping mall, says final passage of the Gallery renovation measures was a long time coming.
The plan includes a huge city tax break for the owner, worth $55 million.
Philadelphia Planning Commission members were impressed by the detail and the commitment of the development group.
First District councilman Mark Squilla, whose district includes the mall, agreed to introduce a package of bills that includes the tax break, known as “Tax Incremental Financing” (TIF).
“(It’s) the first department store to open on Market Street in decades,” noted Joseph Coradino, CEO of the owner of the real estate.
The closures will affect 289 employees.
There have been a lot of guesses on how they might be able to transform that slightly frayed mall and its surrounding area, including the possible addition of an anchor store like a Bloomingdale’s.
Joseph Coradino will become CEO in June of the company that owns several shopping malls around the Delaware Valley.