Yesterday a friend of mine posted a brief video on social media of the ghost town that the Exton Square Mall has become. So I took a couple of screenshots for this post…..
It’s creepy empty at this point. It used to be a thriving mall. Sometimes I have wondered if this mall ghost town has been created by shifting retail trends or by mall owner design?
I ask if by design because there have been plans floating around West Whiteland for a while about developing a lot of the mall into apartments which makes perfect sense to developers because what else can you shove into communities around here besides crappy all look the same Lego looking apartments or cheek to jowl lemming like townhouse developments, right? Especially in West Whiteland, right? [CLICK HERE TO GO TO WEST WHITELAND’S WEBSITE]
Anyway some recent news will just make you wonder even more what is up. First there was the interesting blog article on More Than The Curve about Plymouth Township according to PREIT who owns that and Exton Square Mall, “ghosting” the mall owners. Apparently Plymouth Township isn’t interested in their mall dream of apartment Valhalla? (And yes kinda like the mall dream Valhalla proposed for Exton Square Mall.)
That definitely made me think. I mean if heavily developed Plymouth Township doesn’t seem so interested in this why should West Whiteland Township be a Guinea Pig here?
But Vista Today pointed out yesterday some even more troubling and interesting news concerning mall owners PREIT. (PREIT a stands for Pennsylvania Real Estate Investment Trust, incidentally.) Vista pointed out a potential board shake up worthy of Succession (HBO MAX series). 7 board members tendered resignations:
Among the resigners were Chairman and CEO Joseph Coradino, Temple University Interim President JoAnne Epps, George Alburger, Michael DeMarco, Mark Pasquerilla, Charles Pizzi, and John Roberts. Each received more withheld votes than votes for as they were up for reelection. PREIT’s proxy statement requires that board members who get more withheld votes than votes for must tender their resignations.
Also covered by More Than The Curve:
Sooooo….is this God opening a window to let some reality in (you know God closes a door, opens a window of it all?) Maybe West Whiteland can just pause the thought of any redevelopment there at Exton Square Mall until they get their sheit together at PREIT? Oh and did you know Vanguard Group has their paws in PREIT? Read that in an Inquirer article.
Philadelphia Inquirer: Majority of PREIT board offers resignations after shareholder vote
The latest sign of trouble at the huge Philadelphia-area mall owner could be a sign of a sale to come.
by Jake Blumgart and Joseph N. DiStefano
Published June 8, 2023
Now a ghost town mall sitting there is not so fabulous but West Whiteland and municipalities with PREIT properties that are floundering maybe shouldn’t have to entertain their grand plans for redevelopment while this corporate fallout is swirling around? I mean why approve yet more apartment and lemming friendly development if you don’t even know in what form at this point this company will shake out at?
Seems like the proverbial hot mess to me, doesn’t it?
If you ever wondered if giving municipalities in Pennsylvania the ability to have a temporary moratorium on development was a good idea, this is a great example where it would be a great idea. Hit the pause button already. I mean in 2022 it was announced that Exton Square Mall was being sold to a developer yet that didn’t seem to actually happen?
….And then that deal fell through didn’t it?
Philadelphia Inquirer: Facing almost $1 billion in debt, Philly mall owner PREIT emphasizes strong sales and high occupancy
Pennsylvania largest mall operator faces severe headwinds and says it’s exploring all possibilities for the future.
by Jake Blumgart
Updated on Jun 4, 2023, 5:00 a.m. ET
Ummm Coradino says they’ve been “ghosted” by one township (Plymouth) where they have a failing mall yet magically they are the “best” group to redevelop another failing mall in another township (West Whiteland)? Ok yeah that’s some Kool Aid he’s drinking, huh?
West Whiteland get legally creative and put these people on a shelf until they figure their stuff out. I mean talk about the handwriting on the wall, right? From a practical standpoint you can’t really trust them to do anything right now can you? I mean what if they started something and you all were left with a giant hole in the ground or Tyvec waving in the breeze off of some unfinished something or other?
Pause pause pause! Warning warning danger ⚠️ Will Robinson! Proceed with caution ⛔️!
