Remainder of Gallery set to close by summer's end, PREIT CEO says
Pennsylvania Real Estate Investment Trust plans to close most of the still-operating portions of the Gallery at Market East shopping mall before the end of the summer to work on the property's redevelopment.
Pennsylvania Real Estate Investment Trust plans to close most of the still-operating portions of the Gallery at Market East shopping mall before the end of the summer to work on the property's redevelopment.
The closure is to come as PREIT nears completion of demolition work in the already-shuttered section of the mall between Eighth and 10th Streets along, chief executive Joseph Coradino said during a conference call with analysts Wednesday.
The section to close this summer accommodates Old Navy, Burlington Coat Factory and Five Below locations. Five Below spokesman Kelly Durcan said the part of the section where the three operate will remain open for at least the rest of the year.
PREIT spokeswoman Heather Crowell acknowledged that some stores would continue to operate as the majority of the building closes, but said the company could not disclose details of those arrangements.
PREIT continues to work on leasing space at the mall - to be rechristened Fashion Outlets of Philadelphia - as it awaits word on whether it will receive $30 million in state redevelopment aid it requested to help complete the $325-million project, Coradino said. Word on the Redevelopment Assistance Capital Program grant is expected by the end of the summer, he said.
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