FOR IMMEDIATE RELEASE
Media Contact: Lindsay Doyle
Grimm & Grove Communications
[Bala Cynwyd, PA] – [November 16, 2023] – Bala Plaza, a prominent commercial property in Bala Cynwyd, has announced the successful completion of its $185 million sale to FLD Group, Inc. and the Adjmi family. The new ownership plans to take on the ambitious redevelopment plans for the property, aiming to transform it into a modern and vibrant destination, while adding new amenities to the area.
A spokesperson for FLD Group, Inc. and the Adjmi family stated, “We are excited to oversee this iconic Main Line property and plan to embark upon the development of the approved master plan obtained by former owner Tishman Speyer. The 2.1 million square feet of new development will include multiple retail sites, a 168-room hotel, approximately 750,000 square feet of office space and 750 residential living units.”
The acquisition of Bala Plaza marks a significant milestone for the local community and the real estate market. The properties located at One Bala Plaza, Two Bala Plaza, Three Bala Plaza East, and Three Bala Plaza West — as well as a freestanding Saks Fifth Avenue department store off City Avenue, have long been a cornerstone of City Ave District, and its redevelopment is poised to bring enhanced vitality and economic growth to the area.
City Ave District’s President and CEO, Bryan Fenstermaker expressed enthusiasm about the project, stating, “We’re energized by the sale of Bala Plaza and the dedication by FLD Group, Inc and the Adjmi Family to continue the incredible vision for our community. This investment is further validation of the value and opportunity industry leaders like these two groups see in City Ave District. I look forward to working together on this game-changing project.”
Key highlights of the redevelopment project include:
1. Modern Hotel Development: The centerpiece of the redevelopment will be the construction of a modern, upscale hotel designed to cater to both business and leisure travelers.
2. Enhanced Commercial Spaces: Bala Plaza will undergo renovations to provide contemporary commercial spaces, offering a mix of retail and office opportunities for businesses looking to thrive in a revitalized environment.
3. Added Green Space: Mixed in throughout all three sites will be 12 acres of public space and an amphitheater.
4. Job Creation: The redevelopment project is anticipated to generate job opportunities during both the construction and operational phases, contributing to local employment and economic development.
The sale of Bala Plaza and the subsequent masterplan represent a positive step forward for the community and the local economy. The transformation of this iconic property is expected to bring new energy to the area, making it even more of a destination for residents, businesses, and visitors alike.
For more of the latest updates and information on City Ave District visit www.cityave.org.
About City Ave District
City Ave District works with businesses, property owners, developers, and residents to shape the future of this important corridor. This is a unique partnership between the City of Philadelphia and the Township of Lower Merion. Spanning across Philadelphia and Lower Merion Townships in Montgomery County, the District is one of the first multi-jurisdictional special services or business improvement district in North America. For more information, visit www.cityave.org.
About FLD Group
FLD Group (MS Real Estate Management) is a family-run business, established more than three decades ago. We specialize in commercial office space and manage and service more than 1.5 million square feet of commercial real estate throughout the US.
About Adjmi Family
A & H Acquisitions Corp., founded by the Adjmi family several decades ago, is a private real estate investment and management organization headquartered at 1412 Broadway in New York City. Over the course of such time A&H has built a portfolio of over 100 properties in the New York Metropolitan area, as well as many out-of-state properties. Our early foundations began focusing on retail property tenant re-positioning and value-added property cash flow acquisitions. Since then, A&H has expanded its commitment to real estate investments by delving into development, residential, office, and real estate backed financial securities.