Federal Realty, CBG Begin Leasing 217-Unit Multifamily Redevelopment in Metro Philadelphia

BALA CYNWYD, PA. — Federal Realty Investment Trust (NYSE: FRT) and CBG Building Co. have begun leasing Blayr, a 217-unit multifamily redevelopment project in Bala Cynwyd, a northwestern suburb of Philadelphia. The project, which represents the second phase of a larger redevelopment known as Bala Cynwyd on City Avenue, is a conversion of the former 120,000-square-foot Lord & Taylor department store into an apartment complex with 16,000 square feet of ground-floor retail space. Units come in studio, one-, two- and three-bedroom floor plans. Amenities include an outdoor pool, a golf and multisport simulator and a courtyard with grills and gathering spaces. Federal Realty received zoning approval for the project in February 2024, broke ground a few months later and topped off the project this spring. The first move-ins are scheduled for March.