The plan includes a huge city tax break for the owner, worth $55 million.
The Gallery’s owner, the Pennsylvania Real Estate Investment Trust, or PREIT, needs City Council approval of six bills that allow the renovation of the Gallery to move forward.
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).
A plan is coming together to breath new life into the Gallery shopping mall.
About a dozen Gallery kiosk merchants showed up City Council’s regular meeting Thursday, asking for the help of lawmakers in their eviction from the Gallery.
Residents feel this stretch of Market Street hasn’t lived up to potential for years, and many residents say it’s a big win to get a destination store like Century 21 here.
“(It’s) the first department store to open on Market Street in decades,” noted Joseph Coradino, CEO of the owner of the real estate.
Several Pennsylvania Real Estate Investment Trust (PREIT) malls will be open for business on Wednesday morning.
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.
The Philadelphia Historical Commission has approved the newspapers’ plans for a lighted marquee that will extend four feet over the sidewalk on the 800 block of Market Street.
Joseph Coradino will become CEO in June of the company that owns several shopping malls around the Delaware Valley.
Philadelphia’s Mural Arts Program has leased new space in the Gallery at Market East, creating a place for the public to explore what the world’s largest public art program has to offer.
Question one on the ballot paves the way for alcohol sales in the dry town, and question two would restrict those sales to the Moorestown Mall.
“(We) do hereby declare October 11th, 2011, as Cherry Hill Mall Day in the Township of Cherry Hill,” mayor Bernie Platt announced to a crowd of about two dozen shoppers.