King of Prussia Mall to Add 140K SF; HUD Awards $8.5 Million to Senior Housing Project

By Veronica Grecu, Associate Editor   Simon Property Group (SPG) is set to expand the retail presence at the King of Prussia Mall at 160 North Gulph Mall by adding 140,000 square feet to the shopping center’s existing layout. The newly announced [...]

 

Simon Property Group (SPG) is set to expand the retail presence at the King of Prussia Mall at 160 North Gulph Mall by adding 140,000 square feet to the shopping center’s existing layout. The newly announced development will link the mall’s 1,680,000-square-foot Plaza and the Court, which encompasses 902,000 square feet of space.  As reported by the Philadelphia Business Journal earlier this week, Indianapolis-based Simon Property Group owns and manages 96 percent of the mall. The shopping space addition is expected to be leased by 40 brand new retailers, a number of restaurants and an upscale dining pavilion, all of them designed to enhance the customers’ shopping experience.

Completed in 1963 by the Kravco Company, the King of Prussia Mall is the largest shopping mall in the United States, offering roughly 2.6 million square feet of leasable retail space anchored by major retailers such as Bloomingdale’s, Neiman Marcus, Sears and Macy’s, as well as high end stores including Hugo Boss, LUSH, DKNY, Louis Vuitton, Love Culture and others. Reportedly, the expansion announced by SPG will coincide with the mall’s 50th anniversary.

In residential news, the Journal reports that the Philadelphia Department of Housing and Urban Development (HUD) has granted $8.5 million to Lafayette Hill-based Presby’s Inspired Life. The nonprofit organization will use this financing to develop Wynnefield Place, an affordable housing complex for people age 62 and older. Expected to start welcoming residents in the middle of 2014, the building will be located near the intersection of 54th Street and Columbia Avenue and will include 48 one-bedroom units and a community room.

Photo credits: Seth Werkheiser