One of the area’s largest shopping centers is set to undergo a major redevelopment, according to its new owners.
Paramount Realty Group and Edgewood Properties told the Philadelphia Business Journal that Neshaminy Mall will undergo large-scale construction that will see roughly half of the 1.1 million square foot mall demolished in the process.
The plans, which have not been finalized as of yet, could include a mix of residential, retail, and medical facilities, according to Paramount Realty Principal Maurice Zekaria, while speaking to the Philadelphia Business Journal.
The joint owners plan to work with Bensalem Township to create a plan for the property.
On Monday, Paramount and Edgewood jointly announced that they had closed on the purchase of the 108-acre site from Brookfield Properties for $27.5 million, a far cry from a previous estimated market value of $45.4 million.
Paramount announced its intentions to purchase the mall last month.
This is the second mall Paramount has acquired in recent years, after purchasing Brunswick Square Mall in Middlesex County, New Jersey last year.
Paramount owns numerous properties in Bucks County, including Marketplace at Neshaminy, which is adjacent to the mall, and Lincoln Plaza in Middletown Township, which they acquired in 2020.
Piscataway, New Jersey-based Edgewater Properties portfolio includes residential properties in New Jersey and Florida, with a some commercial properties as well, per the Business Journals report.
The companies closest development to our area is Pearl Point, a luxury apartment complex with a restaurant that recently opened in Burlington, New Jersey.
Neshaminy Mall was built in 1968 by the Korman Company, and was originally anchored by department stores Sears and Strawbridge & Clothier (later Macy’s). Since then, the mall has grown to 1.1 million square feet with the additions of Boscov’s, AMC Theaters, Barnes & Noble and the food court.
The mall has struggled in recent years with the loss of Macys, Sears, Modell’s Sporting Goods and numerous other stores.
The Business Journal said that redevelopment will not include most of the anchors except Sears, as well as the two outparcel restaurants, UNO’s Chicago Grill and On The Border.
The former Macys was recently purchased by Tony Chowdhurry, who plans to convert it to a Fusion Gym.
Editor’s Note: This article has been updated to correct the company name to Edgewood Properties, not Edgewater.
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