Federal Realty Investment Trust is planning to turn one of the recently vacated buildings at Bala Cynwyd Shopping Center into a mixed-use building with apartments and retail on the first floor, writes Richard Ilgenfritz for the Main Line Times.
The existing Lord and Taylor building will be demolished to be replaced with a six-story, 230-unit mixed-use building with 257 parking spaces in a structured lot.
This will be the start of a much larger redevelopment project the owner has in plans for the property.
“The Bala Cynwyd [shopping center] seems to be at a moment in time where the opportunity [exists] to invest in a very significant way, and we’re excited about it,” said John Tschiderer, senior vice president for Federal Realty.
The owner has divided the area along Belmont Avenue into three development blocks.
The Lord and Taylor block is set to be developed first. In addition to the new buildings, the owner plans to add streets at the center of the three blocks. Along them the aim is to create a place that will be designed to feel like a small-town street.
Read more about the planned project at the Main Line Times by clicking here.