South Jersey Mall’s Renovation Delayed Until Fall 2016

A $230 million plan to renovate Burlington County Mall has been delayed until fall of this year.

Burlington County Mall's, renamed the 'Marketplace at Burlington,' renovation plans 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?

Apparently when Moonbeam Capital Investments LLC bought the mall, major stores like Macy's and JC Penny already shut down. And to add to that mix, the mall was quickly losing its shoppers.

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.

The CEO of Moonbeam, Shawl Pryor, assures that they are actively working with Sears to get this project moving along. The vision for the renovated mall includes a outdoor-indoor combination, and with a new mall, this could mean more jobs for many people.

Read the full story on Philly.com.