The new owners of Bala Plaza, New York’s Adjmi family and New Jersey-based FLD Group, have big redevelopment plans for the Bala Cynwyd office campus, writes Paul Schwedelson for the Philadelphia Business Journal.
The plans include seven new developments on the property, including a hotel, apartment buildings, and a retail center.
The new owners acquired the sprawling City Avenue site from Tishman Speyer late last year for $185 million, with redevelopment approvals already in place. They took the last six months to evaluate the previous owner’s plans.
Bala Plaza currently has a total of 1.1 million square feet of space in four office towers and a department store.
“We are sitting on a gold mine,” said Harry Adjmi.
Adjmi and his son Bobby Adjmi said their plan is to move ahead with the new developments on the site within the next three to five years.
“Within this complex, there is a tremendous amount of upside,” said Harry Adjmi. “There are developments that will take place in the years to come, we’re sure of that. But there are time issues and constraints that need to be looked at. We’re not rushing.”
Read more about Bala Plaza getting some changes in the future in the Philadelphia Business Journal.
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