MOORESTOWN – Three apartment buildings and a hotel could be developed at Moorestown Mall under a proposed agreement between the township and the shopping center’s owner.
The four-story apartment buildings would hold up to 1,065 homes, with 213 units to be affordable housing, according to a court filing.
The buildings would rise, along with a 112,000-square-foot hotel, in a three-phase development at the 84-acre mall property, the filing says.
The first phase calls for a 375-unit apartment building in a parking lot between Boscov’s and Nixon Drive, according to a concept plan that accompanies the proposed order. The 412,500-square-foot building would hold 75 affordable homes and a parking structure.
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The initial phase also envisions the hotel in a parking lot off Lenola Road, near the rear of the shopping center.
Those projects would require no demolition of the mall, according to the concept plan.
But the second phase would put a 345-unit apartment building on an area that includes the former Lord + Taylor department store and an adjacent parking lot.
The third phase calls for development of a similar building at a site that includes the former Sears store and a parking lot off Route 38.
The plans are outlined in a proposed consent order filed Friday before Superior Court Judge Paula Dow in Mount Holly.
The proposal was reached after mediation between the township, mall owner PREIT and Fair Share Housing Center, a Cherry Hill-based nonprofit that advocates for low-income residents.
Dow ordered the talks earlier this year after PREIT objected to a township plan to provide affordable housing there.
A proposed zoning overlay that received initial approval from township council in January would have required the mall’s demolition, according to PREIT.
The proposed agreement would “address a significant portion of the township’s ‘unmet need’ for affordable housing,” according to the filing.
It says the apartment buildings in the second and third phases would hold a total of 137 affordable units. Those buildings “may or may not” have parking structures.
“Phase One can stand on its own without the need for future development of Phase Two and Three,” it notes.
It adds the later phases are “more conceptual at this point” and “shall proceed at developer’s sole discretion.”
The proposed “affordable housing settlement agreement” also says the parties have recognized “at least initially, the existing portion of the mall identified for Phase Three … may be