Bala Cynwyd is poised to undergo a major development boom over the coming years on a scale of those in King of Prussia and Conshohocken, writes Natalie Kostelni for the Philadelphia Business Journal.
Tishman Speyer Properties is planning to proceed with its plans to develop 2.1 million square feet of new space.
The proposal would transform this part of Lower Merion over the next three decades.
The New York real estate company wants to construct 757 new apartments and 720,000 square feet of office space along with a hotel, retail space, a 12-acre park, and an amphitheater.
The company plans to do this on the 61 acres it owns at Bala Plaza office complex.
The existing office buildings would not be demolished. Instead, the development would occur around them.
“It’s essentially a sea of asphalt,” said Al Fuscaldo, an attorney representing Tishman.
Other real estate companies are also looking at potential developments in the area, including Federal Realty Investment Trust, which is currently before the township with plans to redevelop the Bala Cynwyd Shopping Center into a mixed-use development, like apartments at The Delwyn and other shopping areas.
Read more about the development boom in Bala Cynwyd in the Philadelphia Business Journal.