Add $325 Million To Price For Philadelphia Gallery Makeover

The Pennsylvania Real Estate Investment Trust and the Macerich Co. say it will take $325 million in new investment to transform the Gallery at Market East into what they are calling Fashion Outlets of Philadelphia.

That is on top of the $250 million already spent by PREIT to assemble what had been privately owned property in the project area, bringing the total development cost to about $575 million.

The rest of the area still owned by the Philadelphia Redevelopment Authority will be conveyed to the developers as part of the revitalization plan being reviewed by City Council.

Read more at http://www.philly.com/philly/business/20150529_Add__325_million_to_price_for_Gallery_makeover.html#F7QlJvyP5ed6ECxM.99

PREIT Reveals The Gallery’s New Look

Everything about the decrepit Gallery at Market East may be about to change.

Under an intended top-to-bottom renovation, one of Center City’s most notorious dead spots would be reborn as a gleaming glass-and-steel emporium – brimming with brand-name discount fashion shops, destination restaurants, and lively sidewalk cafés.

Even the name would be new. Welcome, shoppers, to the Fashion Outlets of Philadelphia.

Details of the plan were provided exclusively to The Inquirer in advance of a series of meetings by government agencies whose support is vital to the project. The news marks a grand unveiling of plans for the Gallery following years of uncertainty and speculation.

Read more at http://www.philly.com/philly/business/20150415_PREIT_reveals_the_Gallery_s_new_look.html#ZjuIZxyXWmB7TTV1.99