217 Apartments Plus Retail
FOR IMMEDIATE RELEASE
February 15, 2024
Federal Realty Investment Trust Announces Approval for a Second Residential Component of Bala Cynwyd on City Avenue Development
The multi-million-dollar project contributes to the transformation of City Avenue
Philadelphia, PA – (February 14, 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, announced the approval of a residential and ground floor retail development at Bala Cynwyd on City Avenue. The highly anticipated and community-centered development is a part of the company’s ongoing investment and commitment to growth in the region.
Located on City Avenue between Belmont Avenue and Conshohocken State Road, Bala Cynwyd on City Avenue is a popular destination for shopping and dining and was recently rebranded and updated with an extensive façade and streetscape renovation. Once complete, the development will add 217 residential units above 16,000 square-feet of retail space in the former Lord & Taylor building. Including this development, Federal Realty’s total investment in the shopping center will be nearly $170 million with more than 300 residential units and approximately 190K SF of retail in total.
“The approval of the second residential phase is a significant step in the ongoing transformation of City Avenue,” said Mark Brennan, Vice President of Regional Development at Federal Realty. “The addition of residential units and new retail revitalizes the east end of the shopping center, providing the residents and members of the community with enhanced placemaking and opportunities to shop, dine and gather.”
The residential building, which is planned to be LEED Gold certified, will offer full amenities, significant open space, and ample outdoor seating. Development plans include a rooftop patio with views of Center City, an interior courtyard with grill stations, fireplaces, pergolas and outdoor pods for dining and lounging. Plans also include an outdoor pool and multipurpose path connecting to City Avenue, to create retail and residential harmony.
“We are thrilled to announce another significant investment and redevelopment within Federal Realty’s Philadelphia portfolio,” said Kari Glinski, Vice President of Asset Management at Federal Realty Investment Trust. “We look forward to the next evolution of Bala Cynwyd on City Avenue and advancing additional redevelopments and transformative reinvestments across our shopping centers throughout the region.”
“City Avenue District has seen a surge in new development including Federal Realty’s investment at Bala Cynwyd on City Avenue, said Bryan Fenstermaker, President & CEO of City Ave District. “We are excited for the community and residents to enjoy the restaurants and shops in a space that promotes walkability and sustainability.”
Bernardon provided architectural services for the project, in partnership with Bohler, who provided civil engineering design and permitting services. Studio39 is the landscape architect and MSA Interiors is leading project interior design. Construction at Bala Cynwyd on City Avenue is expected to begin in spring 2024 and be completed by Summer