PREIT’s plan to gain approval for multifamily developments at six of its mall properties has now swelled to as many as 7,000 apartments, CEO Joseph Coradino told the Philadelphia Business Journal.
After selling off more than 20 malls in the past two decades, the Philadelphia company’s strategy has shifted to maximizing its remaining properties by converting uses and selling underused land adjacent to the malls.
In the Philadelphia area, PREIT is working toward building a total of 1,400 apartments on its land at the Moorestown Mall, Plymouth Meeting Mall, Willow Grove Park and Exton Square properties. That includes 375 apartments at the Moorestown Mall that are already under construction. PREIT is in the process of gaining approvals at the other three properties.
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