Paramount Realty and Edgewood Properties to Transform Neshaminy Mall

The new owners of Neshaminy Mall, Paramount Realty, and Edgewood Properties, have announced plans to redevelop the site, aiming to breathe new life into the half-vacant property, writes Paul Schwedelson for the Philadelphia Business Journal.

Acquired for $27.5 million from Brookfield Properties, the mall’s transformation will see approximately half of its 1.1 million square feet demolished to make way for a mix of new uses.

While much of the property will be redeveloped, Paramount and Edgewood plan to retain key establishments including Boscov’s Department Store, AMC Movie Theater, Barnes & Noble Bookstore, Uno Chicago Grill, and On The Border Mexican Grill.

These high-traffic businesses are expected to remain anchors for the site.

The new owners are exploring a variety of redevelopment options, potentially including residential and medical facilities, to complement the existing retail.

The joint venture plans to present their redevelopment strategy to Bensalem Township and work collaboratively with local authorities to ensure a cohesive project that benefits the community.

As discussions with potential new tenants begin, the redevelopment of Neshaminy Mall aims to follow successful models seen in other regional malls, such as the transformation of former department store spaces into mixed-use developments.