Township Committee is currently exploring potential redevelopment projects with Brandywine Financial Services Corporation
While once a hotspot destination for residents and families in South Jersey, the Voorhees Town Center, formerly the Echelon Mall, has seen a steep decline in visitors, and therefore tenants, over the past two decades.
Numerous projects and redevelopment plans have been announced over the years to attempt to revive the building.
At the Voorhees Township Committee meeting in May, the committee passed a resolution allowing the township to seek redevelopers interested in purchasing the property from the township.
This month, it was announced at the latest township committee meeting that Brandywine Financial Services Corporation was named as the “conditional redeveloper” for the portion of the mall that Voorhees Township owns, that being the shell of the actual mall portion of the building, according to Deputy Mayor Jason Ravitz.
After having interviewed multiple potential candidates, Brandywine Financial was named as the conditional redeveloper but still has other obstacles to clear before the deal is official and the group can begin work on the building.
Brandywine Financial and the township must come to an agreement on a sale price for the area itself, as well as finalize an official redevelopment plan moving forward.
Although the process is expected to take many months, Ravitz is certain the township made the right choice in choosing Brandywine Financial.
“This is only the first step in the process, but it’s a great first step,” said Ravitz. “We’re happy to be where we are and we’re moving as fast as we can.”
It’s expected to take as long as more than a year before Brandywine can officially acquire and begin redeveloping the area.
“The next step is for [Brandywine] is to sign a memorandum of understanding,” said Mayor Michael Mignogna.
The document is not legally binding, meaning the township could still pull out of the negotiations. The memorandum of understanding allows the two parties to “explore the feasibility of a new redevelopment project for the Voorhees Town Center,” according to the resolution passed at the latest committee meeting.
However, Mignogna is confident in the direction the deal is headed.
“We are confident they will reach an agreement,” said Mignogna.