Quote:
Originally Posted by skyhigh07
If the arena doesn’t happen, I predict PREIT will quickly move forward with their plan to build by right residential towers on top of the Gallery. The urban mall is a dying concept and I suspect they’re looking for a relatively quick pivot. Since I believe they could move ahead with the plan by right, Chinatown wouldn’t have any bargaining chips. With the new towers, the area would be flooded with new residents and services that aren’t necessarily amenable to the culture of Chinatown which equals rapid gentrification.
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How long has PREIT owned these properties? In this whole time, they could have built residential towers here and they haven't. We're talking about billions of dollars here - PREIT isn't going to do anything rash just to "stick it" to the Chinatown NIMBYs. No, if this project doesn't happen, Market East will continue to tread water until the next big idea comes along (for the same NIMBYs to oppose).
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