PHILADELPHIA and SANTA MONICA, Calif., June 18, 2015 /PRNewswire/ -- Pennsylvania Real Estate Investment Trust (NYSE: PEI) and The Macerich Company (NYSE: MAC) (the "Partnership") announced today that Philadelphia City Council has approved the six ordinances and one resolution that allow for the long-awaited redevelopment of The Gallery in Philadelphia including $55.0 million in Tax Increment Financing.
Construction on the project is scheduled to take approximately two years with a Grand Opening in 2017 as Fashion Outlets of Philadelphia at Market East. The property will offer a fusion of outlet retail taking the form of luxury and moderate brands, popular flagship retail, artisanal food experiences and entertainment offerings. The building will be completely reimagined into a bright, new contemporary space that welcomes residents, commuters and tourists and engages with Market Street with accessible storefronts, sidewalk cafés, a new streetscape, as well as digital signage and graphics.
"Today is a defining day for PREIT and retail in Philadelphia, as the transformation of the Gallery, an effort 12 years in the making, has taken a major step forward," said Joseph F. Coradino, CEO of PREIT. "We look forward to getting underway with building the next great urban marketplace and create a spectacular new shopping, dining and entertainment complex befitting a world-class city like Philadelphia."
"Redeveloping well-situated urban properties to add value is a signature strength of Macerich," said Ed Coppola, President, Macerich. "We're appreciative of the confidence the City of Philadelphia has in our partnership to redevelop The Gallery into an exceptionally high-performing shopping, dining and entertainment destination that will serve the region's dynamic mix of visitors and locals. Fashion Outlets of Philadelphia at Market East will be a tremendous fit with Macerich's irreplaceable portfolio of unique, trophy properties."
"We thank the Nutter Administration, Philadelphia City Council, the Philadelphia School Reform Commission and the Philadelphia Redevelopment Authority for their efforts and guidance in getting to this pivotal point," Coradino added.
PREIT is a real estate investment trust specializing in the ownership and management of differentiated retail shopping malls designed to fit the dynamic communities they serve. Founded in 1960 as Pennsylvania Real Estate Investment Trust, the Company owns and operates 28.5 million square feet of space in properties in 12 states in the eastern half of the United States with concentration in the Mid-Atlantic region and Greater Philadelphia. PREIT is headquartered in Philadelphia, Pennsylvania, and is publicly traded on the NYSE under the symbol PEI. Information about the Company can be found at preit.com or on Twitter or LinkedIn.
Macerich, an S&P 500 company, is a fully integrated self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States.
Macerich currently owns 54 million square feet of real estate consisting primarily of interests in 51 regional shopping centers. Macerich specializes in successful retail properties in many of the country's most attractive, densely populated markets with significant presence in the Pacific Rim, Arizona, Chicago and the Metro New York to Washington, DC corridor. Additional information about Macerich can be obtained from the Company's website at www.macerich.com.
VP, Corporate Communications and Investor Relations
SVP, Investor Relations
Logo - http://photos.prnewswire.com/prnh/20130905/MM75091LOGO
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/preit-and-macerich-announce-philadelphia-city-council-approval-of-legislation-for-redevelopment-of-the-gallery-300101738.html