Over time, PREIT CEO Joseph Coradino expects people to simply refer to the new Fashion District Philadelphia, at the site of the former Gallery mall, as “The District.”
And he expects Market East as a whole will emerge as a rival to Walnut Street shopping.
“It’s really the focus of retail from what used to be Walnut Street...to Market East," Coradino told about 100 people at the Select Greater Philadelphia Council “Breaking Ground” event Wednesday, “It’ll continue to happen over time.”
The Fashion District will have its grand opening Sept. 19, with about 70 percent occupancy. The movie theater will open by November and by early to mid 2020, PREIT expects the project to be about 90 percent full, Coradino told analysts on an earnings call last month.
The estimated $400 million to $420 million project will span three city blocks on Market Street between 8th and 11th streets and will have 838,000 square feet of retail.
There will be stores for clothing, accessories, and beauty, restaurants, and entertainment options, like a moving theatre. It will also include small, local businesses South Fellini, American Hats LLC, Dolly’s Boutique, and Duafex the Sable Collective, for Uniquely Philly, a collaboration with the Wharton-founded Enterprise Center to offer services, such as store design, marketing and business plan development.
The project began in 2014 when local mall operator Pennsylvania Real Estate Investment Trust (PREIT) joined with Santa Monica, Calif.-based Macerich to redevelop the former Gallery.
Coradino previously said the first phases of the project would open in late 2018 and the entire project would open all at once in September 2019.
It has been under construction since 2016.
Other projects are popping up East of Broad Street, such as the Collins at 11th and Chestnut Streets, East Market between 11th and 12th Streets on Market Street, the Curtis at 610 Walnut St., and the Independence Collection of three office buildings and a parking garage, and the Bourse.
Here is a list of the tenant’s announced so far: