Mall owners are adding residential to nurture community around their properties. PREIT described the sale of a parcel at New Jersey’s Moorestown Mall to a residential developer as a step in evolving its malls into community hubs marked by a healthy mix of apartments, hotels, entertainment, dining, health and wellness, working space and local small business retail.
PREIT sold the Moorestown Mall parcel and one at Pennsylvania’s Exton Square mall to residential developers for a combined $14.2 million. Each residential complex will house 350 to 375 units.
Pyramid Management Group will work with residential developer Eliviat to build a 224-unit complex called The Galleria Residences on five acres across the road from Pyramid’s Galleria at Crystal Run mall in Wallkill, New York.
The $40 million project Galleria Residences in Wallkill, New York, will break ground this year and is scheduled to open in June 2024. The four-level development will feature a walkway connector to Galleria at Crystal Run mall.
Pyramid has added similar residential components to its Destiny USA mall in Syracuse, New York, and its Crossgates mall in Albany, New York. And in June, Trammell Crow Residential opened Alexan Kingston, a 282-unit residential development adjacent to Pyramid’s Kingston Collection mixed-use complex in Massachusetts.
By Brannon Boswell
Executive Editor, Commerce + Communities Today