The $325 million redevelopment of the Gallery into an outlet mall is set to move forward with the signing of legislation on Thursday by Mayor Michael Nutter.
The two-year project is expected to breathe new life into the aging retail center and is one of a handful of developments that will revitalize East Market Street in Center City. The Gallery will be renamed the Fashion Outlets of Philadelphia at Market East.
Funding for the project includes $90.5 million in public funds from the state and city and $15.5 million in Tax Increment Financing. Pennsylvania Real Estate Investment Trust and The Macerich Co. are heading up the redevelopment of the 1.5 million-square-foot property that will have 125 new stores.
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