Friday, December 13, 2013

King of Prussia retail project takes shape

By Natalie Kostelni Staff Reporter-Philadelphia Business Journal
When Realen Properties initially designed the Village at Valley Forge, plans called for a total of 1 million square feet of retail space.
That was roughly eight years ago. A lot has changed since then. The retail scene is different and increasingly done online, the King of Prussia Mall has new owners and is expanding, and financing for what Realen first planned — buildings with street level retail and residential use on top — is difficult to finance. In light of that, the retail part of the mixed-use development has been scaled back to 200,000 square feet and a new company has been brought in to construct that portion of the Village at Valley Forge.
JBG Rosenfeld Retail of Chevy Chase, Md., is buying 20 acres next to the Wegman’s in King of Prussia, and will construct a life-style center called the King of Prussia Town Center.
Realen Properties of Berwyn remains master developer of the 130-acre development.
“By collaborating with JBG Rosenfeld on our Main Street retail, we’re getting the benefit of a high-quality and experienced retail developer and that will help us create the place we always envisioned for this mixed-use walkable community,” said Dennis Maloomian, president of Realen.
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