More News:

February 11, 2016

Gallery renovation developers snag three properties along Market Street

Hope for adjacent real estate spaces could be to target businesses that don't fit into mall model

Business Development
Gallery Rendering PREIT and Macerich/for PhillyVoice

An exterior rendering of what Ninth and Market streets would look like if the proposed renovation plan is approved.

The developers leading The Gallery's ongoing renovation have purchased three more properties along the 1000 block of Market St. to add to the area’s retail revival, according to The Philadelphia Inquirer.

According to an interview with Joseph Coradino, the CEO of the Pennsylvania Real Estate Investment Trust (PREIT), the plan could be to attract businesses that don’t necessarily fit into the mall model that the Fashion Outlets of Philadelphia is aiming to present but that still want to be part of the area’s retail growth.

"There will be tenants that can't afford to be there. There will be tenants that don't see themselves as mall-based tenants," Coradino told The Inquirer. "It could be restaurants, it could be a larger-format retailer."

The Gallery is undergoing a $325 million redevelopment and is slated to open in 2018.

Read the full report here.