The 68-year-old Bala Cynwyd Shopping Center is getting a new name as part of an $8 million refresh of the property set to be completed this summer, reports the Philadelphia Business Journal.
Federal Realty Investment Trust has rebranded the shopping center "Bala Cynwyd on City Ave." The company's ongoing investment in the 294,000-square-foot property includes upgraded facade aesthetics, common and tenant-designed outdoor dining and gathering areas, as well as pedestrian and vehicular circulation upgrades. Additionally, up to 80 outdoor seats and eight curbside pick-up spaces for tenants are being added to improve convenience for customers.
The 23-acre shopping center, located on City Avenue between Belmont Avenue and Conshohocken State Road, opened in 1955. Federal Realty purchased it in 1993. Current tenants include Acme, Michaels, Olive Garden, LA Fitness, Five Guys and Honeygrow. Federal Realty said it expects to announce additional tenants in the coming months.
Kari Glinski, vice president of asset management at North Bethesda, Maryland-based Federal Realty Investment Trust (NYSE: FRT), said "the new name and feel captures the essence of the community and creates a bridge between convenience and accessibility all while keeping its historical integrity.”
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PBJ.com has what Federal Realty's plan are for the shuttered Lord & Taylor that's located in the shopping center.
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