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.
For nearly 50 years, Lawrence Park Shopping Center has been the go-to shopping destination for Broomall residents. Located just off the Blue Route on the corner of Sproul Road and Lawrence Road, the property is undergoing a $30M transformation to revamp the physical character of the shopping center and improve traffic flow. The project launched last year with the construction of Main Line Health’s new state-of-the-art facility. Currently, Lawrence Park Shopping Center is in Phase II of construction, which includes enhanced outdoor dining and gathering areas, the addition of outdoor seats and comfortable lounging areas and convenient curb side pick-up throughout the property.
The 29-acre community shopping center is currently anchored by ACME Markets and is home to additional retailers including, Mrs. Marty’s Deli, a neighborhood staple, Homegoods and TJ Maxx. The redevelopment plan includes the addition of new tenants and 32,000 square feet of retail space including, P.J. Whelihan’s Pub + Restaurant, Kindercare, Crumbl Cookies and more. All current tenants will remain open during construction, and once redevelopment is complete, there will be a total of 374,000 square feet of retail at the site.
“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.
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