Allentown Hockey Arena Development Grows With $200-Million Office, Hotel Plan

City of Allentown

City of Allentown (Photo credit: Wikipedia)

Downtown Allentown is in line for an unprecedented $200 million in new development, and as much as $500 million if a 10-year master plan pans out, all made possible by its one-of-a-kind Neighborhood Improvement Zone.

And that doesn’t include the planned $158 million hockey arena.

Developer City Center Investment Corp. won approval Tuesday from the Allentown Commercial Industrial Development Authority for $135 million in Neighborhood Improvement Zone financing, subsidized by the state and local tax revenues of its future tenants.

City Center will supplement that with $45 million in additional private financing and private capital to construct four new buildings arrayed around Allentown’s Center Square, including three new office complexes and a 200-room hotel valued at more than $200 million, said J.B. Reilly, City Center co-owner.

Read more: http://www.mcall.com/news/local/allentown/mc-allentown-hockey-arena-development-20120327,0,2828247.story

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