Apartments, hotel to be added to Moorestown Mall

Move is part of PREIT’s plans to diversify its shopping venues

Tri-State /
Jan.January 11, 2021 11:30 AM
A rendering of Moorestown Mall (Courtesy of PREIT)

A rendering of Moorestown Mall (Courtesy of PREIT)

Consumers will soon be about to shop for housing at Moorestown Mall — literally, housing at the mall.

The mall’s owner, Pennsylvania REIT, announced that it received approval to add up to 1,065 multifamily units and a hotel at Moorestown Mall in New Jersey. It envisions mall residents and hotel visitors shopping there, too.

“The synergistic addition of apartments and hotels will benefit our existing tenants and communities by increasing visits to the property and delivering a new customer,” Joseph F. Coradino, CEO of PREIT, said in a statement.

The move is part of the company’s diversification plan. It aims to add between 5,000 and 7,000 apartment units, along with several hotels, to its mall sites across the country. It has already added nearly 3,500 apartment units.

At Moorestown Mall, the first phase of the project is expected to result in 375 residential units and a hotel. PREIT anticipates it will close on the sale of the initial parcel this year for $8 million.

PREIT filed for bankruptcy protection last fall. The company, which owns and operates over 22.5 million square feet of retail, was hit hard by the pandemic.

In the second quarter PREIT revenue decreased by $20.1 million, largely because of bankruptcies and store closures.






    Related Articles

    arrow_forward_ios
    (Getty)
    Office availability soars in New Jersey in Q1
    Office availability soars in New Jersey in Q1
    Volkswagen executive Johan de Nysschenand 113 Grand Street in Hoboken (Getty, Google Maps)
    Volkswagen bigwig lists Hoboken townhouse for $5.25M
    Volkswagen bigwig lists Hoboken townhouse for $5.25M
    (Google Maps, Getty)
    Port Washington North officials approve movie studio project
    Port Washington North officials approve movie studio project
    Ai Weiwei with 708 New Forge Hallow (Getty, Compass)
    Ai Weiwei-designed home sells for $5M
    Ai Weiwei-designed home sells for $5M
    Rendering of the proposed Superblock project (iStar, Long Beach City Council)
    Long Beach settles $105M suit, paving way for Superblock project
    Long Beach settles $105M suit, paving way for Superblock project
    (iStock, Google Maps)
    Southampton to extend development ban at potential burial grounds
    Southampton to extend development ban at potential burial grounds
    New Jersey Gov. Phil Murphy (Getty)
    NJ order tapping security deposits to pay rent is back in court
    NJ order tapping security deposits to pay rent is back in court
    Tremblant Capital Group CEO Brett Barakett. (Ivey, Redfin)
    Financier lists $55M Greenwich estate as he flees to Florida
    Financier lists $55M Greenwich estate as he flees to Florida
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...