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The vertical mall that we heard whispers about back in September seems to be actually happening — except horizontally. The New York Post is reporting that developer exec Gary Barnett is considering building an "internal" shopping mall on Fifth Avenue between West 46th and West 47th Streets.
The paper elaborated on those plans: "The retail complex — which might also accommodate a single department store — would basically be T-shaped. Its main or only entrance would be on Fifth Avenue, with most of the shopping area arrayed from north to south between 46th and 47th streets." It would be topped by a hotel or apartment buildings.
The Post previously reported that real estate mogul (and Donald Trump's son-in-law) Jared Kushner was looking to overhaul 666 Fifth Avenue, where Zara's flagship is on the ground level, to build a vertical mall.
As for this new proposal, Barnett is looking to capitalize on businesses who can't fork up the money for those pricey Fifth Avenue rents. "We think the market is there for a home to merchants at rents that merchants can afford," Barnett told the Post. No word yet on the development will get underway.