The Philadelphia Business Journal published an article on November 11th titled “PREIT accelerates apartment plan at Moorestown, Plymouth Meeting malls.” The article gives an update on the ongoing effort by PREIT, which owns the two malls, and its effort to bring apartments to the properties.

Much of the article is about the Moorestown Mall, where the process is further along. The new information about the Plymouth Meeting Mall is that PREIT is “softly marketing” the land home of the long-vacant office building that once was home to IKEA’s corporate headquarters. PREIT plans to sell the property to a residential developer and use the funds to improve its financial position.

One thing to point out. The article states, “PREIT has received approval from Plymouth Township to build 275 units in the site’s parking lot.” That isn’t correct. Plymouth Township’s council voted 5-0 on June 10th to amend its zoning code to allow mid and high-rise apartment buildings within the shopping center zoning district by conditional use. The Plymouth Meeting Mall falls within this district. A conditional use hearing involving PREIT’s plan for apartments has not yet been held. Thus, it is not approved.

PREIT is not the only developer with plans for apartments at the Plymouth Meeting Mall. Plymouth Township’s Council also amended the zoning code to allow apartments within existing office buildings. Keystone Development + Investment owns the vacant office building adjacent to the mall and has received its conditional use approval for the project, which involves converting the building into 150 apartments.

You can read the full article here.

Photo: PREIT