New York-based Tishman Speyer Properties has unveiled plans for a major mixed-use development in Bala Cynwyd to include 755 apartments and a hotel, along with office, retail, and restaurant space, writes Natalie Kostelni for the Philadelphia Business Journal.
The development would add more than 2.6 million square feet of space to the real estate firm’s properties off St. Asaphs Road and East City Avenue.
The company bought Bala Plaza in 2004, as part of a bigger portfolio acquisition. The office complex currently consists of four buildings and a large asphalt area for parking.
According to Tishman Speyer, the proposed phased development would leave the existing buildings intact.
It would also add green spaces throughout the property and a small park along with an amphitheater at its center as public amenities.
The proposal is currently going through the approval process in Lower Merion.
“We’re very excited to be moving into this phase of the Bala Plaza project,” said the company.
“The plan we have unveiled is consistent with our original vision, which was to create a vibrant neighborhood that complements the adjoining communities in Lower Merion and Philadelphia.”