January 12, 2021
PREIT will proceed with its plan to transform its properties into multi-use, sustainable districts with the execution of a rezoning agreement to allow for the addition of up to 1,065 multifamily units and a hotel at Moorestown Mall in the Philadelphia suburb of Moorestown, NJ.
Together, with plans to add several thousand units across its portfolio through the sale of land to multifamily developers, PREIT’s densification program is expected to generate more than $150 million in proceeds.
“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,” said Joseph F. Coradino, CEO of PREIT.
The first phase of the Moorestown Mall redevelopment is expected to deliver 375 residential units and a hotel. This initial phase will allow for PREITs second multifamily development following the completion of 350 units at Exton Square in Exton, PA.
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