Developers Bring Fashion District Philadelphia to Life
Developers have outlined a new vision for a former mall site that lost its luster. What was going to be built up as the Fashion Outlets of Philadelphia will now, with a grander vision, be known as Fashion District Philadelphia. This was a decision on the part of developers PREIT and Macerich in response to the blend of tenants they were attracting at the site of the former Gallery on East Market Street.
Fashion District Philadelphia is shaping up to be one of the city’s most exciting shopping destinations, cementing the neighborhood’s reputation as a mecca for retail.
“While the project will still offer outlet shopping, the response received from the retail community reaffirms that the scope of the project is a truly unique and robust one—encompassing a large number of full-priced, flagship-style stores and exciting entertainment concepts,” the developers said in a statement that was quoted in the Philly Voice. “The new name, Fashion District Philadelphia, reflects that sentiment and shift in tenant mix, along with a new fashion district this project will bring to this city.”
A new shopping destination at East Market has been in the works since 2013 when PREIT purchased the Gallery, an ailing 1970s-era mall that was rapidly losing tenants, between Eighth and 11th Streets for $60 million. PREIT teamed with California-based Macerich to go in 50/50 on a project that initially was meant to mirror similar outlet projects in Chicago and Las Vegas. They were on schedule to open this year, but ran into funding problems.
What will be located at Fashion District Philadelphia? The Philadelphia Inquirer says that there are “confirmed plans for an H&M outlet, a relocated Burlington Coat Factory, the existing Century 21 and a “dine-and-recline movie theater” whose details have not been disclosed. Restaurants to-be-determined are also reportedly in the mix.” East Market Street recently won the accolade of being named the hottest retail corridor in the United States by JLL, a professional services firm that specializes in real estate and investment management. Excitement over the District was part of that decision.
Right now Fashion District Philadelphia is scheduled to open sometime in 2018.
