Federal Realty is conducting a multi-million dollar renovation of the Lawrence Park Shopping Center in Broomall that includes streetscape upgrades and adding small-shop space, part of a strategy to transform its portfolio in the inner suburbs, writes Kari Glinski for Federal Investment Trust, in an article appearing at Rebusiness Online.
Federal Realty has been reinvesting in the greater Philadelphia and Southern New Jersey region for the past decade.
The company focuses on redeveloping high-quality, retail properties like Lawrence Park, investing in communities where retail demand exceeds supply. The goal is for long-term, sustainable growth.
“The strength of our greater Philadelphia portfolio has allowed us to partner with a leading healthcare system, pursue residential redevelopment, and ultimately create destination shopping experiences that are the heart of the communities they serve,” Glinski wrote.
Reinvesting in shopping centers means creating social and experiential opportunities for visitors, like outdoor dining, lounge seating at existing eateries, fireplaces for social gatherings, and pedestrian-friendly trails or walkways.
Federal Realty has also created more than 100 curbside pick-up spaces across 4.5 million square feet in its Philadelphia/Southern New Jersey portfolio.
Energy efficiency and sustainability are also factors in any modern redevelopment plan.
Read more by Kari Glinski at Rebusiness Online.
Handing out roses at the Lawrence Park Shopping Center for World Kindness Day on Nov. 22, 2015.