Opinion: PREIT's Plan to Allow Residential Living at the Mall is Not Bad, The Plan Just Sucks

OK hear me out, I am totally against an 11-story apartment building at the mall, but what I am not against is people living at the mall. While it may not be something I would ever do, I could totally see people wanting to live in a lifestyle center, the problem is - The Plymouth Meeting Mall is far from a lifestyle center.

The current PREIT plan reeks of a desperate attempt at getting rich quick. Instead of the quick and easy way out, PREIT should actually consider not just what they want (quick money to save a dying business) but what the community needs. Doing so could provide a path forward for PREIT well into the next generation. Their current plan offers the community nothing, except an additional strain on resources in the form of increased school district usage, increased traffic on the roads, and negative impacts on other local resources like our sewage system for example.

The Plymouth Meeting Mall could give Plymouth Township something it does not have, a Main Street, also known as a lifestyle center. What if the 68-acre property was completely transformed? What if PREIT proposed a plan to finish what they started in 2007 with the addition of outpost restaurants and buildings? What if the ring road within the mall became a Main Street for Plymouth Meeting with small retail, office space, shops, residential dwellings, medical facilities, public walking and biking trails, a dog park, and community gathering spaces nicely placed in a planned community? The aim should be to give people other reasons besides shopping to attend the property. The addition of these other non-retail amenities would also give the future residents other people to interact with. Take those kiosks that are in the middle of the mall and place them around a thriving outdoor community to help increase business.

PREIT could literally turn the mall inside out! Take the unoccupied space, shift some tenants around create small hip apartments with the unused space within the mall. Further, they could give all indoor tenants outside access all the way around the building. Every store would be accessible from the outside. They could then add additional stories to the existing mall building and achieve what they are looking for - residential space.

What if they created a semi-outdoor food court with local small breweries and restaurants surrounding it? What if they placed a parking garage behind WholeFoods and the Church on the Mall?

In a recent Township meeting, representatives from PREIT complained they are trying to offset outdated infrastructure and facilities inside the mall with skyrocketing costs all while dealing with the outdated mall concept. Here is an idea - tear sections of it down. Cut a road right through the mall. Divide it up into sections, heck - turn parts of it into a parking garage. People would flock to such a destination, it has already been proven by successful centers as we see in King of Prussia or the Premium Outlets in Limerick.

The proposal is currently being debated over several months in the Plymouth Township Zoning Board meetings. The next meeting is on January 18, 2021.

Be sure to read the entire series on this proposed project.

Part1

Part 2

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Second Marijuana Dispensary Coming to Plymouth

505 Germantown Pike pictured on 12/14/2020

Canntech, a Los Angles based cannabis company with operations in Pittsburgh will be opening Plymouth Township's second marijuana dispensary, it will be located at 505 W. Germantown Pike, directly across the street from the Plymouth Meeting Mall. This location sat on the market for years and was the former location of a Qudoba Restaurant.

Located right next to a convenience store and across the street from a major transportation hub, it is a strategic location.

A marijuana dispensary is a permitted use in the commercial zoning district. We have confirmed with Plymouth Township, permits were pulled in October for demolition, interior renovations, electrical, mechanical, plumbing, alarm, and sprinkler work. We have attempted to reach Canntech for comment but have not received a response as of yet. No word on when this location will open.

Plymouth Township's other medical marijuana dispensary is The Apothecarium Dispensary located at 420 Plymouth Road, Plymouth Meeting.

Pennsylvania legalized medical marijuana in April of 2016. With a physician's approval cannabis is an available treatment for 17 qualifying conditions. There is a 5% sales tax imposed on the sales between the different parties in the supply chain.

Canntech is in the process of being acquired by Ayr Strategies in a previously announced planned acquisition (October 2020). Ayr has operations in Massachusetts and Nevada and is a publically traded company (AYRSF).

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PREIT (Plymouth Meeting Mall) Emerges From Bankruptcy

Photo Credit: PREIT.com

PHILADELPHIA, Dec. 11, 2020 /PRNewswire/ -- PREIT (NYSE: PEI), a leading operator of diverse retail and experiential destinations, today announced it has successfully completed its financial restructuring and emerged from Chapter 11 following an expedited process.

Consistent with previous announcements, PREIT now has access to up to $130 million of new capital to support its operations and continue advancing its strategic priorities. In addition to recapitalizing its business, PREIT's debt maturity schedule has been extended, providing the Company with enhanced financial flexibility.

Throughout the restructuring process, PREIT has continued operations as usual and met all obligations to tenants, suppliers and the communities in which it operates. In addition, suppliers and other trade creditors and business partners were unimpaired, and all suppliers and employees have been, and will continue to be, paid in full. The Company's common stock will continue to trade on the New York Stock Exchange (NYSE) under the same ticker symbol PEI. Moving forward, PREIT will continue to offer distinctive retail and experiential destinations as it moves to transform its portfolio of bullseye locations in high barrier-to-entry markets into multi-use sustainable districts incorporating an array of new uses, while prioritizing the health and safety of its employees, partners, customers and communities.

"We have significantly strengthened the Company thanks to the overwhelming support of our financial stakeholders, as well as our employees, customers, communities and business partners," said Joseph F. Coradino, CEO of PREIT. "Having quickly and efficiently completed our financial restructuring, PREIT is now a more resilient company with additional resources and financial flexibility to continue delivering terrific experiences for consumers and outstanding service for our retail partners. PREIT has a history of being a first-mover in adapting to new trends in retail and will continue to stay ahead of the emerging concepts and uses across our portfolio."

Coradino continued, "On behalf of all of us at PREIT, I thank our tenants, suppliers, and other business partners for their support throughout this process. I am also deeply grateful to our dedicated employees for their hard work and unwavering commitment to working safely, delivering great experiences and executing our winning strategy."

DLA Piper LLP (US) LLP, Faegre, Drinker, Biddle & Reath LLP and Wachtell, Lipton, Rosen & Katz are serving as legal counsel and PJT Partners LP is serving as financial advisor to PREIT.

About PREIT

PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages innovative properties at the forefront of shaping consumer experiences through the built environment. PREIT's robust portfolio of carefully curated retail and lifestyle offerings mixed with destination dining and entertainment experiences are located primarily in densely-populated, high barrier-to-entry markets with tremendous opportunity to create vibrant multi-use destinations. Additional information is available at www.preit.com or on Twitter, Instagram or LinkedIn.