Unpacking the Investment
The green light for this development, which introduces 217 residential units and 16,000 square feet of prime retail space, meaningfully enhances the Bala Cynwyd shopping center. This initiative, complemented by rebranding and extensive renovations to the shopping center, represents a total investment by the company of nearly $170 million. “Great real estate is the gift that keeps on giving,” says Federal CEO, Don Wood, highlighting our ability to continuously reimagine and shape assets for the future.
Leadership Lens
Mark Brennan, Vice President of Regional Development, shares his perspective: “The approval of the second residential phase is a critical advancement in City Avenue’s transformation.” He highlights the initiative’s impact in revitalizing the shopping center’s east end, facilitating placemaking, and strengthening community engagement.
Vice President of Asset Management, Kari Glinski, underscores the project’s importance within Federal Realty’s strategic framework: “We are excited to announce this major investment and redevelopment at Bala Cynwyd on City Avenue, reflecting our commitment to the Philadelphia portfolio. This project is pivotal, not just for its immediate impact but also as part of our ongoing effort to advance the evolution of our properties and contribute to the region’s growth through purposeful reinvestments in our shopping centers.”
“This project is pivotal, not just for its immediate impact but also as part of our ongoing effort to advance the evolution of our properties and contribute to the region’s growth through purposeful reinvestments in our shopping centers.“
Kari Glinski, Vice President of Asset Management
Strategic Impact and Community Benefit
This initiative marks a significant investment in the local economy; it reflects Federal’s strategic vision in developing real estate that meets the shifting needs of communities. By integrating residential units with retail spaces, the project aims to create a lively, unified center that strengthens the community as a whole.
Bryan Fenstermaker, President & CEO of City Ave District, echoes this sentiment: “City Avenue District has seen a surge in new development, including Federal Realty’s investment at Bala Cynwyd on City Avenue. We are excited for the community and residents to enjoy the restaurants and shops in a space that promotes walkability and sustainability.”
Sustainability and Design Excellence
Targeting LEED Gold certification, the project prioritizes environmental stewardship alongside community wellness. It features a comprehensive amenity package, including a rooftop patio with Center City views, an interior courtyard with grill stations, fireplaces, pergolas, and open-air pods for dining and leisure. Thoughtful incorporations such as an outdoor swimming pool and a multipurpose path to City Avenue blend residential comfort with retail dynamism. These distinctive features signify our commitment to crafting a unique, expertly designed environment for a sustainable, community-focused future.
Project Partnerships and Timeline
Our partnerships with Bernardon, Bohler, Studio39, and MSA Interiors underscore our dedication to excellence. These collaborations pave the way for a development that combines aesthetic appeal with functionality. With construction expected to start in spring 2024, this project is a marker of Federal Realty’s growth strategy and commitment to community enrichment.
This development encapsulates Federal Realty’s strategic focus on mixed-use spaces, leveraging the successful completion of Phase I to inform our approach to the second residential project within Bala Cynwyd on City Avenue. This step is part of our steadfast mission to deliver long-term value through careful selection of growth-oriented and sustainable opportunities.
Stay tuned for updates on this exciting project and insights into our portfolio-wide initiatives.
