Springfield Mall owner PREIT wants to convert the use of many of its mall properties so developers can build up to 7,000 apartments, writes Paul Schwedelson for the Philadelphia Business Journal.
CEO Joseph Coradino said PREIT is looking to convert the use of land adjacent to its malls, like parking lots, and sell that underused land for development.
In the Philadelphia area, PREIT hopes to see 1,400 apartments on land at the Moorestown Mall, Plymouth Meeting Mall, Willow Grove Park and Exton Square properties…