A six-acre stretch of parking lot at Moorestown Mall is being transformed into Pearl Apartment Homes, a 375-unit residential project now under construction next to Boscov’s. Of those units, 75 will be set aside as affordable housing.
The project traces back to June 2022, when Bel Canto Asset Growth Fund bought the six-acre site from mall owner PREIT for $11.8 million, according to Moorestown Retail Space. Harkins Builders Inc. is serving as construction manager and general contractor on the development, as reported by Jersey Digs. Pearl Apartment Homes is scheduled for completion in the summer of 2027 and will include both market-rate and affordable units, per the same account.
What Renters Can Expect
Architectural plans by FK Architecture call for a four-story wood-frame building with layouts ranging from studios to three-bedroom units, with rents starting at $2,200 a month, according to Harkins Builders. Amenities are expected to include four courtyards and pools. Pre-leasing opened in 2026. The article also provides rental-cost information.
The apartments sit within a much larger municipal vision for the 84-acre mall property. Under Moorestown Township’s Master Mall Redevelopment Plan, developers are authorized to build up to 1,065 total residential units and a hotel across the site, according to 70 and 73. That redevelopment plan addresses the township’s affordable housing requirements.
A Court-Ordered Housing Push
Moorestown’s willingness to allow residential construction on mall land stems from a legal settlement with the Fair Share Housing Center under New Jersey’s Mount Laurel doctrine, which requires suburban municipalities to accommodate low- and moderate-income housing, per The Philadelphia Inquirer. The article also discusses local demand for that kind of housing…