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

Mormon Apartment Tower, Meetinghouse Complex Passes Design Review

Map of Pennsylvania highlighting Philadelphia County (Photo credit: Wikipedia)

After reviewing the Church of Jesus Christ of Latter-Day Saints’ plans for an apartment tower, townhouses, retail space, and a meetinghouse at 1601 Vine St., the city Planning Commission’s Design Review Committee advised the church to open a garden to the public, work with the Streets Department to improve traffic flow on adjacent Wood Street, and use a higher-grade material than blacktop in a public courtyard.

The committee then closed its review, with little information on the large amount of public art the church is required to provide.

CDR committee members, who met earlier this week, weren’t totally thrilled about that last bit.

“Whatever we decide here becomes the way future developers come before us,” said committee member Cecil Baker. “This is part of the public realm. When jobs get this large, it’s a very important part. This is a major, major opportunity, the likes of which come rarely.”

Read more at http://www.philly.com/philly/news/Mormon_apartment_tower_meetinghouse_complex_passes_design_review.html#GqLhlWDwGYvu5sA2.99