Cross Properties is proud to officially announce that the development located at 10 Union along North Bala Avenue (NoBA), will be transformed into “The Kelly”— a class-A, multi-family property named after the Old Hollywood starlet, Grace Kelly.
“The Kelly, inspired by the vibrancy, elegance and confidence of Grace Kelly, will provide residents with upscale living, a full range of amenities, and an atmosphere to create their own unique lives in,“ said Bobby Fijan, Partner, Cross Properties. “Through our relationship with Beneficial Bank we’ve secured a construction loan that supports our vision for the NoBA development as we look to reimagine small town USA.”
Utilizing a $30MM+ construction loan from Beneficial Bank, 10 Union will be the first, and largest project to be completed of the three projects to revitalize NoBA. The property will total 140,000 square feet over four levels, delivering 109 modern apartments. Amenities of the space will include a 9,000-square foot roof deck and communal outdoor terrace, demonstration kitchen, dog washing station, social lounge, fitness center, climate-controlled storage, private conference room and 24/7 concierge service. The property is also located under half of a mile from both the Bala and Cynwyd rail stations along SEPTA’s R6 “Cynwyd” line.
“We're extremely excited to continue our longstanding relationship with Cross Properties, a relationship that now spans four projects over the last five years, and to participate in the rejuvenation of the once vibrant Bala Cynwyd 'NoBA' district, “ said Marty Gallagher, Executive Vice President and Chief Lending Officer, Beneficial Bank.
Construction on The Kelly is currently underway and is anticipated to be completed in the first quarter of 2019.
Additional Development Plans for NoBA:
1 Cynwyd
1 Cynwyd, the second project to begin in NoBA, will be comprised of 74 Multifamily Units over four levels; 74 parking spaces; 3,500 square feet of fitness space; and 7,000 square feet of ground floor retail and commercial space. The property will also boast a public gathering space at the intersection of Cynwyd Road & Union Ave, and a refurbished street-scape along Cynwyd Road with additional public parking. The approval process for 1 Cynwyd is currently underway.
202 Bala will be the final NoBa project, housing more than 86 units; 6,650 square feet of ground floor retail space along Bala avenue intended for high-quality local tenants; a two-level parking garage comprised of 112 parking space, 58 spaces for residential and 54 for visitors. The approval process for202 Bala is currently underway.
Learn More: https://vimeo.com/223345006/
About NoBA:
NoBA is a reimagined lively district in Bala Cynwyd where small town culture meets locally curated retail, restaurant and new living spaces. Cross Properties will lead the master redevelopment of the historic Bala Avenue corridor in Lower Merion Township between Montgomery and City Avenues. Through collaboration with neighbors and the investment of $100MM, Cross will craft the NoBA district into an authentic community that is established in its history but looks forward to the future. Cross has begun development on three properties at 10 Union, 1 Cynwyd and 200 Bala, which will bring 240 residential units, roof decks, public gathering spaces, plentiful parking, 15,000 square-feet of lifestyle amenity space and 20,000 square-feet of mixed-use retail. For more information about NoBA, please visit nobadistrict.com, or follow us on Facebook, Twitter and Instagram @NoBaDistrict.
About Cross Properties:
Cross Properties is a real estate investment and development company headquartered in Philadelphia, pa. Over the last seven years, Cross Properties has acquired and developed multifamily, student housing, mixed-use and retail assets throughout the Philadelphia area with a total transaction volume in excess of $500 million. The members of the management team have extensive direct experience spanning all areas of real estate development, construction, brokerage, finance, & property management. For more information about Cross Properties, please visit www.crossprop.com.
About Beneficial Bank
Founded in 1853, Beneficial Bank is the oldest and largest bank headquartered in Philadelphia. With 61 offices in the greater Philadelphia and South Jersey regions and approximately $5.8 billion in assets, Beneficial is a full service financial institution whose product offering includes commercial, consumer and real estate lending, equipment finance, insurance and wealth management services. Beneficial has been committed to providing financial education to individuals and businesses in the Delaware Valley for more than 160 years. Visit www.thebeneficial.com for more information.
