In an innovative move to transform traditional shopping centers into vibrant community hubs, PREIT, a leading mall owner, is set to embark on the construction of a 375-unit apartment complex named The Pearl at Moorestown Mall in early 2025. This project is part of PREIT's broader strategy to adapt its properties to changing consumer preferences and lifestyle trends. Over the past six years, PREIT has been reimagining its malls by integrating residential units, medical facilities, entertainment venues, restaurants, and retail spaces. The company aims to create multi-functional destinations that reflect the evolving needs of suburban markets.
Transforming Moorestown Mall into a Community Hub
The Pearl will be constructed on a lot adjacent to Boscov’s store, facing Lenola Road. According to Josh Schrier, Executive Vice President and Chief Investment Officer at PREIT, the parking deck and subsurface work have already been completed. Vertical construction of the seven-story building is expected to commence early next year. This development aligns with PREIT's vision of turning Moorestown Mall into a town center that offers more than just shopping and entertainment. By adding residential units, PREIT aims to enhance the mall's appeal as a mixed-use destination.
The Pearl project has been in the making for nearly three years. In February 2022, the Cherry Hill Township Planning Board approved the development, paving the way for this ambitious initiative. PREIT envisions this new model of integrating multi-family housing and hotel units across its portfolio. Moorestown Mall is seen as a cornerstone of this transformation. The company's fall 2022 newsletter revealed plans for a multi-family complex with 375 apartments, including 20% affordable housing units, further emphasizing PREIT's commitment to community development.
Expanding Residential Developments Across PREIT's Portfolio
Beyond Moorestown Mall, PREIT has been actively pursuing similar projects at other locations. In 2018, the company sold land at Exton Square Mall for the construction of a 350-unit apartment community, which is now operational. More recently, in December 2023, PREIT closed a deal with The Hanover Company for the development of 439 luxury residential units at Springfield Town Center in Virginia. Construction is currently underway there. Additionally, PREIT has secured approvals to build up to 275 units at Plymouth Meeting Mall in Pennsylvania.
PREIT's strategy reflects a growing trend in the retail industry to adapt to changing consumer behavior and market demands. By incorporating residential components into its properties, PREIT aims to create dynamic, multi-functional spaces that serve as the heart of their communities. This approach not only enhances the value of its retail portfolio but also addresses the increasing demand for integrated living environments. Through these initiatives, PREIT is positioning itself at the forefront of suburban revitalization efforts, setting a new standard for how malls can evolve to meet the needs of modern consumers.