As many local malls are being sold for redevelopment, the future of the once-celebrated Franklin Mall in Northeast Philadelphia remains unclear, writes Emma Dooling for the Philadelphia Business Journal.
The $300 million hulking complex is well past its prime, having once been a retail mecca and a magnet for tourists in the 1990s and 2000s. At its height in the mid-1990s, the mall attracted about 18 million visitors a year.
Since then, its value has dropped by more than 60 percent in the last dozen years, and its interior is now filled with vacant storefronts.
The property — which is the second-largest shopping mall in the region — has been in receivership since September, and its owners are still waiting to hand over the keys.
According to local developer Michael Markman, sustaining the mall as a retail hub will be challenging, and transforming it for another use will be complex.
“I think this is going to be one of the more challenging ones,” he said.
While there have been discussions with potential buyers, it remains to be seen if anyone will be willing to take on the struggling 1.6 million-square-foot mall and what their plans for reinventing it may be.
Read more about the vibrant past and uncertain future of Franklin Mall in the Philadelphia Business Journal.
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