Philadelphia, PA – (September 9, 2024) – Today, Federal Realty Investment Trust (NYSE: FRT), a leader in operating and developing sustainable and high-quality retail-based properties, announced a significant reinvestment in Andorra Shopping Center, located at 701 Cathedral Road in Philadelphia. The project will include the addition of a new GIANT and is expected to be complemented by the repositioning of 30,000 square feet of existing retail.
The 50,000 square foot GIANT is tentatively scheduled to begin construction in 2025 subject to obtaining the necessary permits and approvals. Specific store amenities and employment opportunities, as well as opening date, will be shared at a later date.
“Adding a full-size GIANT, with all of their amenities and offerings, is a game changer for both Andorra Shopping Center and the surrounding community,” said Kari Glinski, Vice President of Asset Management at Federal Realty Investment Trust. “Federal Realty is committed to constantly improving the quality and shopping experience for our customers and we believe this reinvestment will position the shopping center and its businesses for long-term success.”
Although detailed plans are not yet finalized, Federal expects to redevelop 30,000 square feet of retail adjacent to the Andorra branch of the Free Library of Philadelphia that will include landscaped plazas, outdoor dining and curbside pick-up parking spaces with expanded sidewalks and elements designed to improve pedestrian connectivity. That portion of the redevelopment is planned to be completed in early 2026. The total reinvestment in both the grocer and new retail when completed is expected to be in excess of $25M.
“The reinvestment will enhance the quality of life for the Roxborough community by bringing in a best-in-class grocer, new retail business opportunities and shopping center amenities that will serve our neighborhood,” said Councilman Curtis Jones Jr. (4th District). “I am excited about the positive, long-term impact this will have for residents and businesses alike.”
###
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 102 properties include approximately 3,300 tenants in 26 million commercial square feet, and approximately 3,100 residential units.
Federal Realty has increased its quarterly dividends to its shareholders for 56 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.
Posted In Public Relations, Real Estate & Related Services