Months after being placed on the market, Franklin Mall in Northeast Philadelphia will soon be acquired, writes Paul Schwedelson for the Philadelphia Business Journal.
Dean Adler, the high-profile real estate developer is currently under contract to acquire the sprawling mall property and is planning a major transformation project for it.
More specifically, Adler plans to redevelop the once-prominent shopping and hangout destination into a new, mixed-use development and youth sports venue.
“We’re going to bring it to life through youth sports,” said Adler, CEO of Adler & Co. in Philadelphia.
In addition to the youth sports facility, Adler also has further plans to create workforce housing, a hotel, restaurants, and a water park at the site.
While some demolition of the 1.6-million-square-foot mall would likely have to take place, Adler said he hopes to reuse as much of the space as possible.
Some of the specific numbers he envisions include about 250 units of workforce housing, a Margaritaville water park, and a 150-room Homewood Suites by Hilton hotel.
Franklin Mall is the largest outlet mall in Philadelphia and the second largest in Pennsylvania. However, various store closings have left it nearly 60 percent vacant.
It has been in receivership since 2024.
Read more about Franklin Mall’s acquisition and its redevelopment plans in the Philadelphia Business Journal.
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Editor’s Note: This post first appeared on PHILADELPHIA Today in April 2026.
