News about the gallery redevelopment today
source:
http://www.bizjournals.com/philadelp...&ed=2012-09-24
PREIT buying building from Vornado, setting stage for Gallery renovation
Philadelphia Business Journal by Natalie Kostelni, Reporter
Date: Monday, September 24, 2012, 10:12am EDT
Pennsylvania Real Estate Investment Trust is buying the 901 Market St. office building from Vornado Realty Trust and is closing in on an announcement about its top-to-bottom renovation to the Gallery along East Market Street in Philadelphia, according to people familiar with the matter.
The overall project, including acquisition and renovation costs, is pegged at roughly $300 million.
PREIT 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. PREIT had hoped to have started on the project last year but a launch is expected to be announced by year end, according to a person familiar with the plans.
A new sign district was formed along that part of Market Street that allows high-tech animated, digital billboards on buildings. It was a key component to the revitalization of East Market since revenue generated from advertising on those signs will help finance some of the development costs.