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BALA CYNWYD, PA. — Federal Realty Investment Trust (NYSE: FRT) has received approval for a multifamily project in Bala Cynwyd, a northwestern suburb of Philadelphia. The development will add 217 residential units above 16,000 square feet of retail space in the former Lord & Taylor building. Federal Realty is redeveloping the site to ultimately feature more than 300 apartments and 190,000 square feet of retail space for a total investment of $170 million. Construction on the new multifamily complex is slated to begin this spring and to be complete in summer 2026.