16B — April 22 - May 19, 2022 — Southeastern Pennsylvania — M id A tlantic Real Estate Journal
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S outheastern PA
Accessible transportation options, growing population, and desirable communities Montgomery County is a prime location for real estate development in Southeastern Pennsylvania
W population, and des i r - a b l e c om - m u n i t i e s , Mo n t g o m - ery County i s a pr ime location for commercial, indus t r i a l ,
ith its accessible t r a n s p o r t a t i o n options, growing
David Zellers, Jr.
residential, and mixed-use real estate development in Southeastern Pennsylvania. But those aren’t the only benefits of choosing to de- velop in Montgomery County. The County, in partnership with the Montgomery County Redevelopment Authority (MCRDA), also equips busi- nesses, property owners, and developers with financial tools to help with all stages of the redevelopment process, from site acquisition to con- struction and renovation. Among other incentives, the County and the MCRDA offer: • Commercial Property
SORAWest Hotel in Conshohocken, PA
Ambler Boiler House Reuse and Revitalization
expand, while benefitting the rest of the County by creating jobs, attracting new indus- tries, diversifying commercial offerings, and revitalizing communities. To learn more about the waysMontgomery County can help your business, contact Rebecca Swanson, executive director of the MCRDA, at rswanson@montcopa.org or Dave Zellers, director of com- merce, at dzellers@montcopa. org. MAREJ
state – the SORA West Hotel in Conshohocken. • EPA Brownfields As- sessment Grants. Like all of Pennsylvania, Montgomery County has a legacy of former industrial sites with signifi- cant environmental contami- nation. The County has long been committed to removing the financial barriers that often prevent the redevelop- ment of these sites. The RDA provides developers of these brownfield sites with funds
to facilitate environmental assessment and remediation, which will allow the sites to be returned to productive use. • MontcoForward Loan. Montgomery County offers new and existing businesses and non-profit organizations low-interest, long-term, fixed rate loans of up to $1 million for projects that will have a positive economic impact on the County. The goal of the program is to give business owners the tools to grow and
Assessed Clean Energy (C- PACE) financing. C-PACE is an innovative way to fund energy efficient construction. Developers in Montgomery County are able to take ad- vantage of low-cost, long- term, fixed rate financing for energy efficiency, water conservation, and renewable energy projects paid back through a unique special assessment. The County is home to one of the largest C- PACE funded projects in the
Federal Realty Investment Trust announces the redevelopment of Lawrence Park and Bala Cynwyd, PA Shopping Centers
PHILADELPHIA, PA — Federal Realty Investment Trust announced the rede- velopment 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 com- mitment to growth in the region, the highly anticipated properties will help activate both communities by creating jobs, establishing new gather- ing spots and developing a real sense of place. For nearly 50 years, Law- rence Park Shopping Center has been the go-to shopping destination for Broomall resi- dents. Located just off the Blue Route on the corner of Sproul Rd. and Lawrence Rd., the property is undergoing a $30M transformation to revamp the physical character of the shop- ping 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 Cen- ter is in Phase II of construc- tion, which includes enhanced outdoor dining and gathering
Lawrence Park Shopping Center
Bala Cynwyd Shopping Center
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. Con- struction at Lawrence Park is expected to be completed by the end of 2022 and Bala Cynwyd will be finished by Summer 2023. MAREJ
areas, the addition of outdoor seats and comfortable loung- ing 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 re- tailers including, Mrs. Marty’s Deli, a neighborhood staple, Homegoods and TJ Maxx. The redevelopment plan includes the addition of new tenants and 32,000 s/f 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 com- plete, there will be a total of 374,000 s/f 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 Rd., Bala Cynwyd Shopping Center of- fers 174,000 s/f of retail, fast- casual dining options, health and beauty services, banking and more. The $8M invest- ment will include upgrading facade aesthetics, creation of common and tenant designat- ed outdoor dining and gather- ing areas and pedestrian and vehicular circulation updates. Additionally, up to 80 outdoor seats and eight curbside pick-
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