Springfield Mall owner PREIT wants to convert the use of many of its mall properties so developers can build up to 7,000 apartments, writes Paul Schwedelson for the Philadelphia Business Journal.
CEO Joseph Coradino said PREIT is looking to convert the use of land adjacent to its malls, like parking lots, and sell that underused land for development.
In the Philadelphia area, PREIT hopes to see 1,400 apartments on land at the Moorestown Mall, Plymouth Meeting Mall, Willow Grove Park and Exton Square properties.
Other possible use of PREIT land could be for medical, life sciences and hotel space.
Springfield Mall was not mentioned as a candidate for developers.
PREIT has sold off more than 20 malls in the past two decades. It had 43 malls at its peak in 2003. It now owns 19.
Adding apartments is part of a strategy to rebuild PREIT’s value after the company had to file for Chapter 11 bankruptcy protection in November 2020.
It emerged from bankruptcy but continues to struggle financially.
”Hopefully over time, the world’s view of malls is that as those malls that probably shouldn’t have been built go away, what’s left is viable, vibrant properties,” Coradino said.
Read more of the Joseph Coradino interview in the Philadelphia Business Journal.
Fairfax County looks at ways to repurpose unused parking space at malls.
Editor’s Note: This post first appeared on DELCO Today in February 2023.
