![]() The COVID-19 pandemic threw a major wrench in those plans, shuttering the three-block mall for months to help curb the spread of the virus.Īs the Fashion District’s owners seek to rebound, Gilchrist said the corridor still needs a “final investment” to become fully cohesive - a place where people want to live, work, and play. ![]() ![]() It was hoped that the more than $400 million remake would be a catalyst for revitalization, drawing the kind of foot traffic that would help spur further development. In September 2019, the Fashion District Philadelphia mall opened where The Gallery stood for more than four decades. The total includes projects in between Market Street and Chestnut Street from City Hall to 6th Street. “Market East is not a lost cause at all,” said Lauren Gilchrist, executive vice president and market leader for Newmark Greater Philadelphia.īetween 20, developers poured more than $1 billion into Market East, according to data from the Center City District, including National Real Estate Development’s $600 million mixed-use project between 11th and 12th streets. WHYY thanks our sponsors - become a WHYY sponsor But real estate experts and private developers say a project of that size and scope would be a change agent with the potential to reverse the fortunes of Market East, a disjointed stretch of shops, government buildings, and tourist attractions that has struggled to thrive despite millions in investment, even as nearby neighborhoods like Midtown Village and Chinatown have flourished. An arena at 10th and Market streets is still years away, even if the project gets the zoning needed to start construction. The community overwhelmingly opposes the project, and is once again working to derail a major development proposed for the area. In nearby Chinatown, residents and business owners fear that growth will destroy the neighborhood, a cultural hub that’s endured for well over a century. “It’s gonna be a living, breathing part of this community that’s hopefully going to be an epicenter of growth,” said Sixers CEO Tad Brown in November. But the team behind the proposal says the project is also about economic development - a desire to jumpstart an underutilized corridor in downtown Philadelphia. Make no mistake: The $1.3 billion arena the Sixers want to build in Center City is a basketball decision.
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