New details have emerged about the proposed mixed-use redevelopment of a major suburban Philadelphia mall closing this month ahead of a partial demolition.
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The 1.1M SF Neshaminy Mall could become a mixed-use complex with 250 apartments and a four-story hotel centered on an open-air Main Street, according to plans reported by Patch.
Paramount Realty and Edgewood Properties would also build 544K SF of new retail to complement the 238K SF of existing retail they are retaining on the site. AMC, Boscov's and Barnes & Noble aren't planning to depart the property.
The developers bought the 108-acre parcel from Brookfield Properties for $27.5M in 2024. They announced the partial demolition last month.
SALES
Maryland-based Vitrian spent $70M to purchase four Malvern properties from Warren Avenue Investors and Ares Management, the Philadelphia Business Journal reported. They are at 350 Technology Drive, 280 Great Valley Parkway, 383 Phoenixville Pike and 2-30 Spring Mill Drive.
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Westport Capital Partners and Ajax Partners have teamed up to buy a 325K SF flex industrial facility at 500 Virginia Drive in Fort Washington from Alliance HP for $51M, the Philadelphia Business Journal reported. The space is 85% leased to a tenant mix that includes advanced manufacturing and research and development labs.
LEASES
Tenants have been announced for three of the six spaces beneath the new Nyckel Apartments at 1319 Kings Highway in Swedesboro, 42Freeway reported. Jersey Mike’s Subs will be joined by Norris & Co. Barbershop and Align & Define Pilates.
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A nonprofit called the Historic Shawmont Station Society is in talks to lease the vacant historic train stop in Northwest Philadelphia from SEPTA to open a rail museum, Axios reported. The deal for 7700 Nixon St. along the Schuylkill River Trail would require approval from the Philadelphia City Council.
CONSTRUCTION AND DEVELOPMENT
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Georgia-based Landmark Properties has delivered the Mark Philadelphia, a 363-unit student housing complex spanning 34 stories at 3615-35 Chestnut St. in University City. The 909-bed complex was designed by BKV Group.
THIS AND THAT
Food hall company Wonder will consolidate its North Jersey production offices into its existing South Jersey facility at 1130 Commerce Blvd. in Logan Township, PhillyVoice reported. Some of the 533 employees laid off at the locations in Cranford, Parsippany and Fairfield have been offered the opportunity to relocate.
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The city of Philadelphia is displaying two street eatery prototypes in Love Park. The designs developed as part of Mayor Cherelle Parker’s PHL Open for Business executive order are meant to be an affordable way for restaurants to meet the city’s code for sidewalk dining.
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