The former Franklin Mills mall in Northeast Philadelphia is no longer for sale after developer Dean Adler's roughly $100 million plan to transform the aging property fell apart. The sprawling 1989-era outlet center remains in limbo, with occupancy at roughly 40%.
The Philadelphia Business Journal reported that the Adler deal collapsed and that the mall has been taken off the market.
A Once-Dominant Outlet Mall's Long Slide
Franklin Mills opened in May 1989 and was billed at the time as the largest outlet mall ever built, according to PHILADELPHIA.Today.
The property's value has fallen just as sharply. It was appraised at $201 million in 2012 but had dropped to $76 million by 2024, per PHILADELPHIA.Today. Occupancy has been reported at roughly 40 percent, while PhillyVoice reported 68 percent in December 2025. Phillyvoice.com reports the mall now has stretches of vacant storefronts and draws minimal foot traffic, with Dave & Buster's, Burlington and Marshalls remaining as its anchors.
What Adler Had Planned
Adler had proposed an ambitious overhaul of the site: a redevelopment featuring a youth sports complex, workforce housing, a hotel and a water park, according to PHILADELPHIA.Today. The Real Deal reported that Adler's total planned investment was roughly $100 million, with his concept calling for 250 units of workforce housing alongside the water park and sports facility. Bisnow reported that Adler expected those developments to span 80 acres, envisioning some portions of the existing mall demolished while others were preserved or repurposed.
He had also been under contract to acquire the Plymouth Meeting Mall, planning a redevelopment there that would include 280 residential units, a multipurpose field, a pool and an ice-skating rink, according to the Real Deal. Separately, Adler and PMC Property Group had teamed up to acquire 1500 Market Street with plans to convert part of that office property into apartments and a hotel.
Court-Appointed Receiver Oversees the Mall
With no buyer in hand, management of Franklin Mall falls to OPEX CRE Management, which was selected as the property's court-appointed receiver as of September 20, 2024. As receiver, the firm oversees day-to-day operations while working closely with Greystone Special Servicing on the property's finances, according to OPEX CRE Management.
Possible Futures for the Site
Even before the Adler deal unraveled, the site had been marketed for potential industrial redevelopment, and the Inquirer reports the site's zoning could support up to 1.4 million square feet of new warehouse space. Any redevelopment would likely require demolishing the existing building, according to the same report.
Other regional malls offer a glimpse of what could come next. Phillyvoice.com reports that Neshaminy Mall was purchased within four months of hitting the market and will be redeveloped with a smaller shopping footprint, while Exton Square Mall, bought for $34.25 million, is now tied up in a legal battle over mixed-use redevelopment plans. The Inquirer also notes that the announced sale of Plymouth Meeting Mall includes plans for residential development from its new owner. At 1.6 million square feet, Franklin Mall remains the region's second-largest shopping center behind the 2.9-million-square-foot King of Prussia Mall, according to Phillyvoice.com.
