May 29, 2015
Developers hoping to revamp the Gallery at Market East with a half-billion dollar investment did not receive City Council approval Thursday for a set of measures needed before current redevelopment plans can begin.
Council members raised concerns about what workers would be paid, according to philly.com, which reported that Council President Darrell Clarke hoped the “loose ends” in the proposals could be tied up and finalized soon.
The measures included a tax incentive, an agreement with developers and regulations around the property, according to the meeting's agenda.
Pennsylvania Real Estate Investment Trust (PREIT) and its partner Macerich Co. want to revamp an area that some criticize as outdated. It has a prime location blocks east of City Hall, and the developers believe that investment could make it a larger attraction.
Renovation of the space will likely take two years with a reopening planned for the spring of 2017.