PREIT, the owner of Moorestown Mall, is slated to begin construction of a 375-unit apartment building, known as The Pearl, at the mall in early 2025.

A senior PREIT executive shared that this development is part of the company’s broader strategy to repurpose its mall properties into vibrant community hubs.

For the past six years, PREIT has been transforming its malls into spaces offering more than just retail and entertainment, and the company shows no signs of slowing its momentum.

The Pearl’s 375 apartments will be located on the lot next to Boscov's, along the side of Moorestown Mall that faces Lenola Road, as explained by Josh Schrier, Executive Vice President and Chief Investment Officer at PREIT, in a Dec. 20 email to Paradise Media.

“Construction of the parking deck and subsurface work have been completed,” Schrier remarked, adding that vertical construction of the seven-story apartment building is set to begin early in 2025.

The Pearl’s Parking Garage at Moorestown Mall

The parking garage for The Pearl has already been completed.

The developer of the project is Bel Canto Asset Growth of Plymouth Meeting, though the company was unavailable for comment on when the apartments will be completed.

The addition of residential units to Moorestown Mall continues PREIT’s ongoing effort, which started in 2018, to transform its properties.

“PREIT is reimagining its malls, including Moorestown Mall, by creating mixed-use, community-focused destinations,” Schrier explained in the email. “The addition of The Pearl to Moorestown Mall advances the property’s town center vision by adding residential to our exciting array of leading medical providers, entertainment venues, restaurants, and retail establishments.”

Schrier emphasized that PREIT is adapting to shifting consumer preferences and lifestyle trends.

“This approach is part of a larger strategy to integrate thousands of residential units across the PREIT retail portfolio,” Schrier said. “The goal is to create vibrant, multi-functional hubs that reflect the evolving needs of suburban markets.”

Moorestown Mall is the latest PREIT property to incorporate residential components.

In 2018, PREIT sold land at Exton Square Mall, which has since become home to a 350-unit apartment community that is now fully operational.

In December 2023, PREIT completed the sale of a land parcel at Springfield Town Center in Fairfax County, Virginia, to The Hanover Company, which is developing 439 luxury residential units. Construction at that site is already underway.

Additionally, PREIT has secured approvals to build up to 275 residential units on a parcel at Plymouth Meeting Mall in Montgomery County, Pennsylvania.

The Pearl has been in development for nearly three years in Camden County. In February 2022, the Cherry Hill Township Planning Board gave the green light for the project to proceed.

Following the approval of the site plan, PREIT reaffirmed its long-term vision of incorporating multi-family housing and hotel units into its mall properties.

Moorestown Mall was identified as a key part of this new model, according to PREIT’s earlier statements.

In a fall 2022 newsletter, PREIT announced the completion of a land sale that will allow for the construction of a 375-apartment complex, 20% of which will be designated as affordable housing.