Apartment Community Coming to Exton Square Mall

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Image via Pete Bannan, Digital First Media.

The Pennsylvania Real Estate Investment Trust has sold four acres at Exton Square Mall to Hanover, which plans to develop a 300-unit apartment community on the property, writes Natalie Kostelni for Philadelphia Business Journal.

The planned apartment complex will create a more mixed-use community at the retail property, something PREIT has been focusing on at its malls.

PREIT could potentially add between 5,000 and 7,000 apartment units to its properties in the Philadelphia and Washington markets. These include The Plymouth Meeting Mall, Willow Grove Mall, Fashion District Philadelphia, and Cherry Hill Mall.

As part this, PREIT has also identified 12 properties where it could add between 1,500 and 3,000 hotel rooms.

According to the company, it is currently “in active discussions on three additional multifamily opportunities and three hotel opportunities.”

Other mall owners are also moving in a similar direction. Simon Property Group, owner of the King of Prussia Mall, is currently exploring adding apartments on the site of the vacant J.C. Penney.

These properties are ideal thanks to their prime location with access to major roads and mass transit.

Read more about the apartments coming to Exton Square Mall in the Philadelphia Business Journal here.

West Whiteland Development Plan on Scribd

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