Quote:
Originally Posted by City Wide
Anyone know who controls the air rights for building on top of whatever the Gallery is being called these days? There's a piece in the Inky today about Preit wanting to build apartments at their suburban malls, and they are meeting piles of push back. It just made me think that here is a site that wouldn't have any zoning or sewer problems, and not only is the site 'cleared' the foundations are complete. Plus it seems that new apartment towers aren't having any problem filling up in CC, another 2 or 300 units seems like no big deal.
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I think PREIT has a pretty small stake in FD at this point. This is a good piece by one of the only analysts who seems to care about PREIT anymore that gives some idea of the FD situation:
https://seekingalpha.com/article/449...efore-too-late
According to that piece, PREIT's equity stake is only $16.3 million. As he points out, there's a possibility they just sell their stake to Macerich, but that's probably also dependent on them getting some of these apartment approvals on their other core properties.
I fear that they're 3-5 years late to the "convert your malls to mixed use communities" game.