Development of the property is being handled by Indiana-based Simon Property Group and Kravco Simon Co., based in King of Prussia, PA. Kravco Simon, which is 50% owned by Simon Property Group, has a 38% stake in the Quakerbridge Mall.
Plans to expand the mall were revealed in Sept. 2005, and in May 2007 it was revealed that the expanded mall would include a 90,000-sf Neiman Marcus and a 144,000-sf Nordstrom. The new stores join current anchors JCPenney, Lord & Taylor, Macy's and Sears. The current JCPenney store will be demolished and a new 140,000-sf JCPenney will be built.
The first phase of the project, which is scheduled to go before the planning board for a vote on June 2, would include construction of the new anchors and a three-level parking garage. Construction could begin about a month after the planning board gives approval and is scheduled for completion in 2011. Specific financial details of the project were not disclosed.
Representatives of the developers met with the planning board on Monday to answer questions regarding traffic and energy conservation. The mall's owners have pledged $8 million for traffic improvements in the area that include adding an additional lane on Route 1 south and widening Clarksville and Franklin Corner roads.
In addition, the developers addressed concerns about energy use and promised to incorporate sustainable measures into the project. Such measures include orienting JCPenney to take advantage of passive heating and cooling and working with the US Environmental Protection Agency to reduce energy use in the new building.
"We're working closely with government bodies and officials to do the right and proper thing," a spokesperson for Simon Property Group, tells GlobeSt.com.
The spokesperson continues that "we're very focused on improving the malls and making them as attractive as they can be for our shoppers, and that helps the area as well."
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