KING OF PRUSSIA, PA-What a way to celebrate 50 years: Simon Property Group will link the Plaza and Court of King of Prussia Mall at 160 North Gulph Mall here with a 140,000-square-foot, multilevel expansion to open in time for the project’s golden anniversary.
The enclosed corridor will connect the five-anchor, 1,680,000-square-foot Plaza, and the two-anchor, 902,000-square-foot Court. It will include some 40 retailers, several restaurants, an upscale dining pavilion and customer lounge.
"This expansion will not only enhance the shopping experience, providing an enclosed retail and amenity-filled link between the two properties, but also creates much needed additional space to accommodate the demand that exists for this property," says David Contis, president of Simon Malls, in a statement. "Given the productivity of this property, there is significant demand from retailers and restaurateurs unique to the market wishing to cater to our clientele."
Developed by The Kravco Co., the Plaza at King of Prussia opened in 1963 as an open-air center. The mall was partially enclosed by the 1970s, and Kravco opened the fully enclosed Court in 1981. A major renovation to upscale the property began in the mid-1990s, with a covered pedestrian bridge connecting the two malls. In the last decade, a former Strawbridge’s anchor at the Court was converted into the Pavilion at King of Prussia, housing restaurants and big box retailers.
The complex is the largest mall on the East Coast and the largest in terms of leaseable retail space in the United States. (The Mall of America, while a larger facility, contains an amusement park.) Housing some 400 retailers, King of Prussia is anchored by Bloomingdale's, JCPenney, Lord & Taylor, Macy's, Neiman Marcus, Nordstrom, and Sears. Published reports place the mall’s sales per square foot at $750, more than twice the national average.
Meanwhile, ownership also underwent changes. Indianapolis-based Simon Property Group became a co-owner of Kravco in 2003. In September 2011, Simon completed a series of deals (including acquiring Lend Lease Corp.’s 50% share) to increase its ownership stake in the mall from 12.4% to 96%.
"Within weeks of increasing its ownership and assuming control of the operations of the King of Prussia Mall, Simon presented their unique vision for the property and we're excited to work with them on making it a reality," says Robert Loeper, Upper Merion Township Planner, in a statement.
Already underway is a major redevelopment of the center that will convert the former Strawbridge's building into 10 new retailers in a two-story, 100,000 square foot space for a holiday 2012 debut.
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