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Old Posted Jan 2, 2015, 3:02 PM
1487 1487 is offline
Join Date: Jun 2014
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Originally Posted by jsbrook View Post
I didn't say anything about tenants, though it can't be denied that the type of stores is part of it...The whole stretch of market where this and the Gallery reside look like junk. The blank wall is a big piece of that. Agreed that it will be interesting to see what PREIT asks for as far as public funding. Some of PREIT's activist investors are pressuring PREIT to dump some of its less profitable properties (including several in the PA and NJ suburbs surrounding Philly). If it does, perhaps we will see some of that cash infused here and a project that really shines.
I didnt mean to infer that you were saying something about the tenants (many of which are national chains BTW)- I was trying to make the point that the tenants in the gallery are almost irrelevant because its such a poor design. Whatever is going on inside of there (positive or negative) is totally cut off from the urban environment since they built a vertical version of a suburban shopping mall as if the gallery is surrounded by a huge parking lot.

If W hotel asked for $30m I'm sure PREIT will be asking for at least that. I also wonder how much of the mall they will be able to keep open while they enact these major changes. One thing is for sure, Im sure PREIT wants this subsidy completed ASAP before we get too close to end of Nutter's term.