Gallery Mall Deal in Philadelphia Pa Fashion Outlets of Philadelphia
Wonderful news for Center City Philadelphia . I Read this article today and thought what a fantastic project this is . This would bring so many jobs and shoppers to the downtown Philly area . It will be interesting to see if these Fashion Outlets of Philadelphia will become a reality. Wouldn'tit be nice to shop locally instead of traveling to other Fashion Outlet Area's
Gallery deal almost done
The package of legislation required to make the multi-million-dollar renovation of the Gallery Mall a reality was passed by a Philadelphia City Council committee. The entire council is expected to approve the measures before recessing for the summer on June 18. A supportive Mayor Nutter is also expected to approve the development deal. "I think this is going to provide shopping opportunities that have not existed in this city for a long time," said Deputy Mayor for Economic Development Alan Greenberger. The project's developers, the Pennsylvania Real Estate Investment Trust and Macerich Co., will spend $325 million - in addition to $250 million already invested in the project - to transform the Center City shopping center into the Fashion Outlets of Philadelphia. Winning tentative committee approval was a $55 million tax break, known as a TIF or tax increment financing, for the developers.
Source: Philadelphia Inquirer; 6/4/2015
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