PHILADELPHIA-CAMDEN-WILMINGTON-ATLANTIC CITY-READING | Metro Development Thread

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Federal Realty Trust makes inroads on redevelopment of 3 suburban Philadelphia shopping centers

Federal Realty Investment Trust continues to work on securing approvals for its plans to redevelop Bala Cynwyd Shopping Center into a more walkable, mixed-use community and is making progress to undertake a similar strategy at Willow Grove Shopping Center and Lawrence Park Shopping Center.

Plans for adding residential components and more dining that expands outdoor seating, enhancing the pedestrian experience with areas to gather, and incorporating other placemaking devices were set in motion at Federal's three Philadelphia-area shopping centers before the Covid-19 pandemic. The effort, which aims to create more of a community rather than just a shopping destination, has successfully been rolled out at some of its other centers.

Bala Cynwyd will undergo what Glinski described as a “very comprehensive, thoughtful investment.” The Bala Cynwyd center was built in 1957 and totals 294,000 square feet on 24 acres. Federal bought it in 1998.

Federal’s plans, which it began to pursue last year, continue to involve developing 200 additional apartment units along with 15,000 to 20,000 square feet of retail space in place of a shuttered 120,000-square-foot Lord & Taylor.

The center is in a dense, high traffic environment off City Avenue. While the center sits in Lower Merion, it's across the road from Philadelphia and just off the Schuylkill Expressway. As a result, plans also include improving the pedestrian experience and enhancing placemaking. Federal could begin work at the Bala center beginning in the summer of 2023.
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At Lawrence Park, a 374,000-square-foot center on 29 acres off Sproul Road in Broomall, Federal is spending $8 million on the addition of a pergola to expand an outdoor dining area to three seasons as well as designing a park-like environment that will include a garden stroll and fireplace that encourages people to gather.

Federal also completed the renovation of 95,000 square feet occupied by Main Line Health that included façade and other improvements. Earlier estimates made by Federal had the total new investment at Lawrence Park at around $24 million, which includes upgrades to the center and Main Line Health space. Work on Lawrence Park is expected to be completed by the end of this year.
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Federal is going through the approval process in Upper Moreland for its Willow Grove center, where it wants to develop about 200 new apartment units accompanied by ground floor retail. The 211,000-square-foot center sits on 13 acres at 112 Park Ave. just off of Route 611 and not far from the Pennsylvania Turnpike.

Article behind paywall here:
https://www.bizjournals.com/philadelphia...trust-makes-inroads-on-redevelopmen.html