Federal Realty Investment Trust is close to finalizing a $23 million apartment complex called the Delwyn at the back of the Bala Cynwyd Shopping Center, writes Natalie Kostelni for the Philadelphia Business Journal.
The project is a six-story building with 87 apartments.
It is being constructed on part of a surface parking lot and is one of several changes the developer plans to make to the shopping center that fronts Bala Cynwyd’s City Avenue.
“We’re definitely using this as a little bit of a test case,” said Michael Ennes, senior vice president at Federal Realty. “We do want to continue to explore how to reinvent this property. For a property like this in this location, we will be proactive in figuring out what the highest and best use is for the center.”
The shopping center is in an attractive location with strong demographics that draws in shoppers from both the Main Line and Philadelphia.
As a result, it has managed to remain almost fully occupied over the decades including during this current challenging retail environment.
Read more about Bala Cynwyd Shopping Center at the Philadelphia Business Journal by clicking here.