A $230 million plan to renovate Burlington County Mall has been delayed until fall of this year.
The renovation plans for Burlington County Mall, renamed the ‘Marketplace at Burlington,’ have been delayed due to ‘complicated lease agreements’.
The $230 million renovation was supposed to be a turnaround for the mall. According to Philly.com, the location of the mall is perfect: tons of traffic, high population, and the surrounding neighborhood homes have a high income…so why is it in trouble?
Moonbeam bought Burlington Mall for $4.4 million and hoped to make it profitable again, as its done with other malls they took under their wing. But, negotiating ‘REAs’ (reciprocal easement agreements) have been difficult. Since Sears still has significance in the mall, any renovations have to be approved by them before Moonbeam can proceed.