Federal Realty Investment Trust Announces the Redevelopment of Lawrence Park and Bala Cynwyd Shopping Centers
New tenants and redesigned spaces provide Philadelphia suburb residents with opportunities to shop, dine and gather
Philadelphia, PA – (April 11, 2022) – Federal Realty Investment Trust (NYSE: FRT) is pleased to announce the redevelopment of Lawrence Park Shopping Center and Bala Cynwyd Shopping Center, two major retail destinations in the Greater Philadelphia area. As part of the company’s ongoing investment and commitment to growth in the region, the highly anticipated properties will help activate both communities by creating jobs, establishing new gathering spots and developing a real sense of place.
“Lawrence Park and Bala Cynwyd shopping centers are two perfect examples of how retail is being reinvented to provide the community with highly amenitized, upgraded places,” said Jeffrey Fischer, Vice President of Leasing at Federal Realty Investment Trust. “Both properties are in geographically desirable locations where guests can shop, dine and gather. These upgrades coupled with the right mix of new and existing tenants will help differentiate and enhance two already very successful shopping centers.”
Located on City Avenue between Belmont Avenue and Conshohocken State Road, Bala Cynwyd Shopping Center offers 174,000 SF of retail, fast-casual dining options, health and beauty services, banking and more. The $8M investment will include upgrading facade aesthetics, creation of common and tenant-designated outdoor dining and gathering areas and pedestrian and vehicular circulation updates. Additionally, up to 80 outdoor seats and eight curbside pick-up spaces will be added to improve overall functionality and convenience.
The 23-acre community shopping center is currently home to various national retailers including ACME Markets, Michaels, Five Guys and Honeygrow. All tenants will remain open during construction.
Additional tenants are slated to be announced in the coming months. Construction at Lawrence Park is expected to be completed by the end of 2022 and Bala Cynwyd will be finished by Summer 2023.
About Federal Realty
Federal Realty is a recognized leader in the ownership, operation and redevelopment of high-quality retail-based properties located primarily in major coastal markets from Washington, D.C. to Boston as well as San Francisco and Los Angeles. Founded in 1962, Federal Realty’s mission is to deliver long-term, sustainable growth through investing in communities where retail demand exceeds supply. Its expertise includes creating urban, mixed-use neighborhoods like Santana Row in San Jose, California, Pike & Rose in North Bethesda, Maryland and Assembly Row in Somerville, Massachusetts. These unique and vibrant environments that combine shopping, dining, living and working provide a destination experience valued by their respective communities. Federal Realty’s 104 properties include approximately 3,100 tenants, in 25 million square feet, and approximately 3,400 residential units.
Federal Realty has increased its quarterly dividends to its shareholders for 54 consecutive years, the longest record in the REIT industry. Federal Realty is an S&P 500 index member and its shares are traded on the NYSE under the symbol FRT. For additional information about Federal Realty and its properties, visit www.federalrealty.com.