The new owners of the Neshaminy Mall — Paramount Realty and Edgewood Properties — have big plans for the 108-acre property. The owners acquired the mall for a reported $27.7 million in July from Brookfield Properties. According to the Philadelphia Business Journal, there are plans to demolish about half of the 1 million square feet of retail space to make way for a mix of housing, retail and medical offices. High-performing properties, including the movie theater, Boscov’s, Barnes & Noble, Uno’s, and On The Border will stay. The redevelopment idea follows a turn away from enclosed shopping malls, with shoppers preferring to park closer to the place they wish to shop or simply ordering online. The new owners were attracted to the site for its highly visible location in Bensalem and existing infrastructure in place for redevelopment. The joint venture anticipates presenting its plan to Bensalem Township and wants to work with the township on the project.
Source: Bucks County Courier Times; 7/19/2024 & Philadelphia Business Journal; 7/18/2024