On Thursday the Bensalem Economic Development Corporation (BEDC) announced the sale of Neshaminy Mall has been finalized with Paramount Realty Group on their Meta page.
“We are thrilled to report that the Neshaminy Mall has sold! The BEDC has met with the new owners who have strong ties to Bucks County, own several other properties in the area, and are dedicated to working with community members as plans develop for the space,” a BEDC spokesperson said.
The purchase price for the 1-million square foot mall was for $27.5 million, from Brookfield Properties, according to the Philadelphia Business Journal (PBJ) in July.
Credit: Bensalem Economic Development Corporation
Opened in 1968, the Neshaminy Mall has hosted stores such as “Boscov’s” and “GameStop”, but over the years, the mall has started to decline in both visitors and renters. Walking through the mall now is like walking through a ghost town. The AMC theater and Boscov’s are still there, but stores like Macy’s, Friendly’s, and even Rita’s water ice are all gone with the mall dying a slow painful death prior to the sale.
In 2022 Lower Bucks Source reporter now an employee of the Bensalem School District Joshua Thompson visited the mall for a story we reporting -out and described the once filled everyday mall area a ghost town,
The former Macy’s was recently purchased by Tony Chowdhurry, who is converting the space to a Fusion Gym in the hopes of giving the mall a “shot in the arm.”
Paramount Realty Principal Maurice Zekaria said the mall will undergo large-scale construction that will see roughly half of the area demolished in the process. Plans, (as of July) have not been finalized as of yet, but could include a mix of residential, retail, and medical facilities, according to PBJ.
“The mall has a long history in our community, and we look forward to future upgrades in, what is planned to be, a mixed-use space. The new owners, Paramount Realty, currently own several other malls including the Woodhaven Mall. Initial community reaction is positive as there is hope our new business neighbors will breathe a much-needed revitalization into the community,” a BEDC official said.
Established in 1988 by Mayor Joseph DiGirolamo, BEDC comprises business and community leaders who volunteer their time and skills to foster strategic economic development opportunities in Bensalem, according to its website. The nonprofit’s organizing and guiding principles are “to attract, retain and grow quality businesses by serving as a dependable resource for economic development,” and “to create the best possible environment for business and economic growth for our community.”
The Bensalem nonprofit comprised of “movers and shakers” have been the public of the sale by providing updates to the Bensalem community and beyond.
Roberta
September 17, 2024 at 10:20 pm
I worked at Tip Top Ties when mall opened in August 1968. Strawbridges, Sears and Woolworths were great anchors. I truly hope it can be revitalized. S