Mall Redevelopment Comes to Plymouth Meeting and Northeast Philly: What It Means for Local Home Values
By Josh McKnight | The McKnight Team
Real estate investor Dean Adler is going on offense in the Philadelphia suburbs. He is closing on the purchase of Plymouth Meeting Mall in May. He has plans to buy and redevelop the 137-acre property that used to be Franklin Mills in Northeast Philadelphia. Combined with his previously announced Centre Square office redevelopment in Center City, his projects would deliver around 750 new homes and address $625 million in distressed commercial real estate, according to Morningstar Credit. For Plymouth Meeting and Northeast Philadelphia residents, this is a real local story.
Why a Mall Redevelopment Matters for Home Values
Old retail sites are turning into housing all over the country. Done well, the result is a walkable mix of homes, shops, parks, and trails that lifts surrounding property values. Done poorly, you end up with a stalled site and traffic problems. Adler’s pattern so far has leaned toward housing plus wellness uses, which tends to draw families and active retirees rather than pure investor buyers. That is the kind of redevelopment that holds up over time.
Plymouth Meeting Mall sits at one of the busiest crossroads in Montgomery County, where the Pennsylvania Turnpike, I-476, and Germantown Pike meet. Any large redevelopment there will affect commute patterns, school enrollment, and demand for the surrounding single-family neighborhoods. Franklin Mills sits on 137 acres in Northeast Philadelphia, with most of the surrounding neighborhoods in the Far Northeast and parts of Bensalem just over the county line.
What the Numbers Look Like Right Now
Plymouth Meeting has had a strong run. Zillow’s typical home value in Plymouth Meeting is $447,060 as of early 2026, up 15% year over year. Redfin’s sale data showed a median sale price of $563,000 in August 2025, with most homes going under contract in about 30 days. The Colonial School District covers most of Plymouth Meeting, and the township’s walkability to the Plymouth Meeting Whole Foods and Plymouth Community Center has kept buyer interest steady. Plymouth Meeting does not currently have a dedicated community page on TheMcKnightTeam.com, but our Conshohocken community page covers the closest comparable market.
Northeast Philadelphia values around Franklin Mills have lagged the Center City market for years. New housing on this site, combined with Adler’s stated focus on youth sports and mentorship uses, could push values higher in the immediate area. The catch is timing. Mall redevelopments take years to break ground, longer to deliver, and the early phase often brings construction disruption before any value lift shows up.
What This Means for You
If you own a home in Plymouth Meeting, especially in walking or short driving distance of the mall site, you have a real reason to track this redevelopment. The plan will affect your resale value in either direction depending on what Adler builds and how quickly. If you are looking to buy in Plymouth Meeting now, do not wait for the redevelopment to break ground before you make an offer. Demand is already strong here and the redevelopment news is unlikely to bring more inventory online in the short term. Northeast Philadelphia owners near Franklin Mills should pay attention to early plans because the value impact there will likely be larger in percentage terms.
At The McKnight Team, we help homeowners and buyers in Plymouth Meeting, Conshohocken, and Northeast Philadelphia think carefully about what a redevelopment story actually does to their numbers. The right move depends on your timeline, your equity, and your goals. You can reach us anytime at TheMcKnightTeam.com.
Thinking about buying or selling in Plymouth Meeting or Northeast Philadelphia? Let’s talk.
Frequently Asked Questions About Plymouth Meeting and Northeast Philly Real Estate
What is the housing market like in Plymouth Meeting right now?
Plymouth Meeting is competitive. Zillow’s typical home value is $447,060 as of early 2026, up 15% from the prior year. Most homes sell within about 30 days. Inventory tends to be tight because the township is small and demand from commuters and Colonial School District families stays high.
Will the mall redevelopment raise home values in Plymouth Meeting?
In our view, likely yes over the long term, especially within walking and short driving distance of the site. The short-term picture depends on what gets built and how disruptive the construction phase is. We will be watching the early plans closely.
How long do redevelopment projects take in this area?
Mall redevelopments in the Philadelphia region usually run five to ten years from announcement to substantial completion. Approvals, financing, and phased construction all stretch the timeline. Buyers should not assume an immediate value lift just because a project is announced.
Should I buy in Northeast Philadelphia near the old Franklin Mills site?
It depends on your goals. Investors and patient owner-occupants who can hold for the redevelopment cycle may benefit. Buyers looking for a stable, finished neighborhood today may want to consider areas already further along in their cycle. The right answer is personal.
Source: Philadelphia Inquirer; 4/23/2026
