Representatives for the Pennsylvania Real Estate Investment have taken another step forward in trying to convince Moorestown voters to approve the sale of liquor in the Moorestown Mall. PREIT pledged last week that if residents of the township approve both liquor referendums in November, the group will purchase four of the proposed six liquor licenses at $1 million each.
The $1 million figure would represent the largest amount paid for any liquor license in South Jersey in the last 12 months, according to PREIT representatives.
“We are hopeful that this announcement demonstrates our strong commitment to seeing Moorestown Mall succeed long-term and our seriousness about transforming the Mall into an entertainment and dining destination that will enhance the already special quality of life in Moorestown,” PREIT President Joe Coradino said. “The figure of $1 million per license is in addition to the approximately $500,000 to $650,000 in additional tax revenue each year as the mall’s assessed value increases.”
The township can issue up to six liquor licenses if the referendum is approved, Mayor John Button said, but the township council has yet to even discuss what prices the liquor licenses would be set.
Right now the township and its representatives are still trying to gather all the facts and analyze the referendums, Button said.
“Council sets the price of the licenses and we have had no discussion on that whatsoever yet,” Button said. “We don’t have the business case here yet, we don’t have all the facts yet. I understand we can issue up to six licenses, but we haven’t done the analysis yet. We’re gathering our information right now.”
In a written statement, Coradino also confirmed that each restaurant at the mall would have to purchase a separate license. For instance, at Cherry Hill Mall, Bahama Breeze, Capital Grille and Seasons 52 all possess separate liquor licenses, even though the same company owns them all. According to the New Jersey Alcoholic Beverage Commission, even multiple restaurants owned by the same entity within the same building are not permitted to operate off one license unless the establishments are contiguous, which would not be the case at Moorestown Mall.
“I know that some residents opposed to our plans have sought to claim that multiple restaurants will operate off of one license at the mall — that is simply not true,” Coradino said. “Each restaurant will be required to operate off of a separate license, which means Moorestown taxpayers are guaranteed of receiving $4 million in revenue from the sale of the licenses alone.”
The fate of the two referendums — which will ask voters to approve the sale of liquor licenses in the town and then restrict the sale to fine dining establishments in the mall — will be decided in the November general elections.
