A Pennsylvania developer proposing 375 apartments — with 20% of them set aside for affordable housing — on the southeast corner of the Moorestown Mall parking lot near Boscov’s is scheduled to go before the Planning Board next Thursday.
Bel Canto Asset Growth Fund LLC of Plymouth Meeting, Pennsylvania, seeks approvals for its preliminary and final site plans and a minor subdivision. The primary owners of the developer are Leonard Family Associates and Capitalized Returns LLC, which share Bel Canto’s address.
Pennsylvania Real Estate Investment Trust (PREIT), owner of the financially challenged 58-year-old Moorestown Mall property, in January announced that 1,065 apartments and a hotel would be added to the site over time to prop up its investment.
PREIT plans to diversify the business mix at many of its mall properties with multifamily housing, hotels, entertainment, dining, health and wellness and working space, according to the company, which trades as PEI on the New York Stock Exchange.
Based in Center City Philadelphia, the real estate company also has announced that Cooper University Health Care would purchase the former Sears location in the mall and open a 165,000-square-foot specialty care facility in 2023.
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