Developed in 1987, Patrick Henry Mall occupies a 57-acre parcel off I-64. The retail site's anchor tenants include Hecht's, JCPenney and two Dillard's stores. The Dillard's locales are targeted for big change; the doors of the 65,000-sf men's store will be shuttered and reconfigured into 48,000 sf of space for use by small retail shops, and the second Dillard's store will be expanded from 116,000 sf to 142,000 sf. As for new developments, a 50,000-sf Dick's Sporting Goods store is on tap, as well as 22,000 sf of junior anchor space.

"The redevelopment will demonstrate our ability to enhance value at our assets, even those performing at an already high level," PREIT chairman and CEO Ronald Rubin says. "We believe that this plan will take Patrick Henry Mall, which was Crown's best performing asset on a comparable sales per-sf basis, to the next level by capitalizing on our expertise in blending big box retail with exciting, new higher end fashion retail concepts."