In 2012, Phillips Edison & Co. purchased the former Parmatown Mall after it had been placed in receivership. The following year Phillips Edison & Co. announced that Parmatown Mall would be redeveloped as an open air retail shopping destination with a new name, The Shoppes at Parma. PREP (PECO Real Estate Partners) is an independent company that separated the Strategic and Net Lease Investments business units from Phillips Edison and Company in May 2015. In 2015, the City of Parma Planning Commission unanimously approved modifications of the development plan, making way for the final phase of redevelopment, which is continuing to evolve and grow as of 2016 and is scheduled to be substantially complete by the summer of 2017.
The original property was developed as a shopping plaza in 1956, anchored by May Company, and opened to serve the fast-growing, post-WWII population of Parma of 82,845 that year. Today, The Shoppes at Parma provides a wide range of retail, dining and service options, as well as numerous jobs for Parma (the second largest city in Northeast Ohio) and the surrounding area.