Simon Property Group, the owner of the King of Prussia Mall, is seeking to add its first mixed used component at the space that was home to J.C. Penney and the adjacent parking lot. From Bloomberg:
Owner Simon Property Group Inc., the largest U.S. mall landlord, sees the closure as an opportunity — to bet on non-retail uses. For the first time since Woolworth’s and E.J. Korvette opened their doors more than 50 years ago, a sizable chunk of land at King of Prussia will be dedicated to something other than stores and restaurants. Simon is planning a mixed-used development for the 17-acre (6.9-hectare) site of the J.C. Penney and its parking lot, part of an eventual transformation that Chief Executive Officer David Simon has likened to a suburban version of Hudson Yards, the massive complex of offices, shops and residences on Manhattan’s western edge.
Further in the article, Rick Sokolov, Simon’s president and chief operating officer, discusses the possibilities of what such a mixed use development could include:
Sokolov declined to divulge details of the proposed plan for the mall. On a conference call with analysts in October, CEO Simon said the project could include a hotel, apartments and office space, and had the potential to increase the property’s value from $2 billion to more than $3 billion.
You can read the entire article here.
If you aren’t familiar with Hudson Yards, click here to take a look.