Construction is officially moving forward on a new 375-unit residential development at the Moorestown Mall, signaling a significant step in the property’s ongoing transformation.
Plymouth Meeting-based Bel Canto Asset Growth Fund is spearheading the multifamily project on a six-acre parcel adjacent to the mall. The land was acquired in June 2022 from Philadelphia-based PREIT, the mall’s owner, for $11.8 million.
According to Joshua Schrier, Chief Investment Officer at PREIT, the project is entering its next phase with a groundbreaking ceremony scheduled for September 30. Much of the foundation and parking structure has already been completed, paving the way for vertical construction to begin.
The 375 apartments are anticipated to deliver by late 2026, marking one of the first major residential additions to the property. PREIT has already secured approvals for up to 1,000 total residential units across the Moorestown Mall site, with future phases still in planning and awaiting developer selection.
The new multifamily component represents a key part of PREIT’s broader strategy to reposition its regional malls through mixed-use redevelopment, introducing residential, dining, and entertainment elements to enhance long-term value and community integration.
*Article courtesy of Philadelphia Business Journal
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