11 story building with 503 apartments proposed for Plymouth Meeting Mall

Plymouth Township Councilmember Chris Manero posted on social media today information about a proposed 11-story, 503 unit apartment building at the Plymouth Meeting Mall.

From Manero’s Facebook page:

IMPORTANT INFO! In the spring, many residents attended our workshop meeting in which PREIT presented plans to develop a parcel at the Plymouth Meeting Mall for roughly 400 upscale apartments. Many residents have since voiced their opposition citing traffic and other concerns. PREIT is now seeking another approach, bypassing our township council and going directly to the Zoning Hearing Board to seek a Special Exception in the Shopping Center District. This time they are seeking an 11 story building with 503 units. The future of the mall property and its potential for mixed use re-development is certainly worth serious open-minded and forward thinking discussions involving all of us. But if 11 stories and over 500 units sounds concerning to you, you may want to consider attending the October Zoning Hearing Board meeting- via Zoom on October 19 at 7pm. Details will be posted on the township website.

The mall falls within the Shopping Center Zoning District, which does not permit residential uses. Obtaining a special exception from the Zoning Hearing Board would grant permission to use the property in a way that is on conflict with the restrictions of the zoning district. Since the district does not allow residential uses, the Zoning Hearing Board could deny the request or grant it (and include conditions that must be met).

Previous proposals to build an extended stay hotel and smaller apartment complex were for the portion of the mall property that was previously home to IKEA’s corporate headquarters. If you are not familiar with where that was, it was to the right of Whole Foods Market if looking from Germantown Pike.

PREIT is currently mired in financial hardship due to the general decline in retail and the impact of the pandemic. It has been attempting to sell parcels to various residential developers at its mall properties to bring in cash. This includes the Plymouth Meeting Mall.

Today, PREIT announced that on September 25th it received formal notice from the New York Stock Exchange of non-compliance with the NYSE’s continued listing standards, which require common stock to maintain a minimum average closing price of $1.00 per share over a consecutive 30-trading day period. PREIT has six months to comply.

More details to come.