It appears the partnership that is redeveloping the
Gallery in Center City plans to recreate the space as the "Fashion Outlets
of Philadelphia at Market East."
At least that was the buzz at the International Council
of Shopping Centers conference held last week in New York.
Pennsylvania Real Estate Investment Trust and its
development partner, Macerich, are at the beginning stages of preparing the
Gallery for a massive overhaul. Macerich operates properties under the
"Fashion Outlets" moniker in Chicago and Niagara Falls, N.Y. Outlet
stores from high-end retailers including Bloomingdales, Barney's, Banana
Republic, Guess, J. Crew and others have stores in those centers.
PREIT of Philadelphia and Macerich of Santa Monica,
Calif., announced over the summer that Macerich bought a 50 percent stake in
the Gallery, which totals 1.4 million square feet, for $106.8 million. Macerich
and PREIT will split the costs of redeveloping the property. PREIT is seeking
to arrange a public financing package this month for the Gallery project and
ratify it sometime early next year.
Source: Philadelphia
Business Journal
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