Developers Redeveloping Dying Malls
Developers are increasingly acquiring and demolishing struggling shopping malls to build modern mixed use spaces. Projects across Pennsylvania aim to replace vacant retail areas with apartments, health care centers, and open air retail hubs.
Insights:
Abrams Realty & Development filed plans to demolish the 846,896-square-foot Concord Mall in United States to build a 233,100-square-foot retail center. The project targets the dying shopping center format as regional vacancies climb. National mall vacancy rates reached 112% above average retail levels by the end of 2024.
