Most Philadelphian's have been waiting for decades now for a downtown Mall that speaks to the shopping needs and standards of a diverse demographic of fashion conscious individuals. They may not have to wait much longer. The building complex is slowly changing ownership, with the exception of parcels owned by the Philadelphia Redevelopment Authority and SEPTA. The Philadelphia Business Journal (PBJ) reported late last month that the Pennsylvania Real Estate Investment Trust is buying the 901 Market Street office building from Vornado Realty Trust. The company will soon make an announcement about its total renovation plans for the Gallery along East Market Street.
The acquisition of the 430,000 square-foot building allows PREIT flexibility as it overhauls the Gallery making it a potentially viable economic contributor on East Market Street. The developer could use some space from the 901 to bolster the mall. The overall project, including acquisition and renovation costs, is pegged at roughly $300 million.
PREIT currently owns 801 Market Street. The company has long discussed a phased project that would transform the Gallery into a modern, upscale urban mall with more dining options and retailers that appeal to consumers who are fashion conscious and keep up with style trends. The building would be turned inside out with storefronts overlooking Market Street. PBJ says PREIT had hoped to have started on the project last year but a launch is expected to be announced by year end.
Maybe something more like this past rendering of the City's vision