After sitting for nearly a year covered in dust and debris, the Gallery Mall may soon see some life now that it has received a $10 million state grant.
Pennsylvania governor Thomas Wolf announced yesterday that the Redevelopment Assistance Capital Program (RACP) grant "will help the Philadelphia Real Estate Investment Trust (PREIT) close a final funding gap in the project, allowing it to become a reality."
Like a number of other developers, PREIT and Macerich have been waiting for their grants to begin work on their multi-million dollar redevelopment of Gallery Mall for months. Last year’s state budget impasse has held up multiple projects throughout Philadelphia, including the Gallery Mall, Carl Dranoff’s SLS luxury hotel, and the Rail Park.
According to the press release, the grant will go toward improving the exterior facade that connects the mall to public transportation; installing new mechanical systems; replacing escalators and elevators; and sprucing up pedestrian walkways to notable attractions like City Hall and Independence Mall.
The $10 million state grant brings the project’s grand total of tax subsidies to $100 million, reports the Philadelphia Business Journal. The total project is expected to cost $575 million, and is set to transform the mall into the Fashion Outlets of Philadelphia, spanning three city blocks. It’s anticipated opening is in 2018.
- The Gallery Mall looks so lonely and abandoned [Curbed Philly]
- 5 major projects stalled by the PA state budget impasse [Curbed Philly]