New Owners of Bala Plaza Unveil Redevelopment Plans

New Owners of Bala Plaza Unveil Redevelopment Plans

The new owners of Bala Plaza plan seven new developments on the City Avenue property, including a hotel, apartment buildings, and a retail center. This redevelopment is part of several major projects transforming City Avenue.

New York’s Adjmi family and New Jersey-based FLD Group bought Bala Plaza for $185 million from Tishman Speyer late last year, with redevelopment approvals in place. Over the past six months, they have reviewed Tishman Speyer’s plans. Bala Plaza currently has 1.1 million square feet of space across four office towers and a Saks Fifth Avenue store.

*Article courtesy of Philadelphia Business Journal

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