FOR IMMEDIATE RELEASE
June 5, 2024
Contact: Jessica Sharp, Maven Communications
jsharp@mavenagency.com; 215-514-4186
Federal Realty Investment Trust Breaks Ground on Second Residential Phase of Bala Cynwyd on City Avenue Development
The multi-million-dollar project contributes to City Avenue’s continued transformation
Philadelphia, PA – (June 5, 2024) – Today Federal Realty Investment Trust (NYSE: FRT), a real estate investment trust and leader in operating and developing sustainable and high-quality retail-based properties, proudly announced the groundbreaking of the second residential phase of Bala Cynwyd on City Avenue. This milestone marks a significant phase in the ongoing revitalization of City Avenue, reinforcing Federal Realty’s dedication to fostering growth and community enhancement in the region.
Situated on City Avenue between Belmont Avenue and Conshohocken State Road, Bala Cynwyd on City Avenue stands as a premier destination for shopping and dining, recently reinvigorated with a comprehensive façade and streetscape renovation. The forthcoming development will include 217 residential units above 16,000 square-feet of retail space on the site of the former Lord & Taylor building, further solidifying Federal Realty’s total investment in the shopping center, which is set to reach nearly $170 million upon completion.
“The groundbreaking of Bala Cynwyd on City Ave represents a pivotal moment in the ongoing evolution of City Avenue,” said Mark Brennan, Vice President of Regional Development at Federal Realty. “By integrating residential units and fresh retail offerings, we are revitalizing the eastern end of the shopping center, enriching the community experience and providing enhanced opportunities for shopping, dining, and socializing.”
Designed to meet LEED Gold certification standards, the residential building will boast a comprehensive range of amenities, expansive open spaces, and abundant outdoor seating options. Residents can look forward to a rooftop patio offering panoramic views of Center City, an inviting interior courtyard featuring grill stations, fireplaces, pergolas, and an outdoor living room for dining and relaxation, as well as an outdoor pool and multipurpose path seamlessly connecting to City Avenue and nearby Cynwyd Heritage Trail.
“City Ave District is witnessing a surge in new development, which is coming at the perfect time as we work towards creating a more walkable township,” said Bryan Fenstermaker, President & CEO of City Ave District. “We eagerly anticipate the community and residents benefiting from the diverse array of restaurants and shops in a space that promotes walkability and sustainability.”
“We are thrilled to celebrate the groundbreaking of another redevelopment within Federal Realty’s Philadelphia portfolio and contribute to the growth of City Avenue,” said Kari Glinski, Vice President of Asset Management at Federal Realty Investment Trust.
Architectural services for the project were provided by Bernardon in collaboration with Bohler, who oversaw civil engineering design and permitting services. Studio39 served as the landscape architect, while MSA Interiors led project interior design efforts. CBG serves as the construction partner. Construction on this most recent phase at Bala Cynwyd on City Avenue is expected to be complete by summer 2026.
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