PREIT will proceed with its plan to transform its properties into multi-use, sustainable districts with the execution of a rezoning agreement to allow for the addition of up to 1,065 multifamily units and a hotel at Moorestown Mall in Moorestown, N.J.  Together, with plans to add several thousand units across its portfolio through the sale of land to multifamily developers, PREIT’s densification program is expected to generate over $150 million in proceeds, which will serve as a new liquidity source and be used to reduce debt.
This is part of the company’s strategic plan to diversify the mix of uses at its mall sites with 5,000 – 7,000 apartment units and several hotel sites. The company is in the final stages of delivering 3,500 apartment units in an initial phase. PREIT is focused on reinventing its platform by creating a diverse and expansive environment, marked by a healthy mix of multifamily housing, hotels, entertainment, dining, health & wellness, green spa
