Allentown Waterfront Development Plans Unveiled For $250M In Construction

English: City of Allentown from east side

English: City of Allentown from east side (Photo credit: Wikipedia)

Developers on Tuesday unveiled a $250 million plan to convert Allentown’s long-deteriorating riverfront into a complex of office and residential buildings, a project funded by the one-of-a-kind tax zone that’s powering the downtown hockey arena.

The gritty industrial mish-mash along the west bank of the Lehigh River from Allen Street past the Tilghman Street Bridge would be replaced by The Waterfront, a strip of 12 glass-and-steel office buildings, walking trails and apartments.

Waterfront Redevelopment Partners presented the quarter-billion-dollar plan to the city’s Planning Commission, proposing 610,000 square feet of offices, 130,000 square feet of retail and 172 apartments on a 26-acre property that was home to Lehigh Structural Steel, once an anchor of city industry.

The Waterfront would be linked to Route 22 by the soon-to-be built American Parkway bridge, and expands what city officials hoped would be the companion piece of the Neighborhood Improvement Zone, the financing tool behind downtown revitalization around Seventh and Hamilton streets, site of the arena now under construction.

Read more: http://www.mcall.com/news/breaking/mc-allentown-waterfront-development-lehigh-river-20121211,0,1830155.story

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Allentown’s Arena Document Forecasts Expansive Development Downtown

The PPL Building (seen here in the distance) i...

The PPL Building (seen here in the distance) is the tallest building in Allentown, Pennsylvania. (Photo credit: Wikipedia)

Allentown‘s hockey arena will not open until 2014, but when it does it will help spur almost runaway development in a downtown that has been ravaged by three decades of decay, according to bond documents filed Friday.

The 354-page statement for investors interesting in buying $234 million paints a rosy future in which the next 12 years will bring not only the 8,500-seat hockey arena, but more than 1 million square feet of office space, two hotels, retail shops, a convention center, a 12-screen cinema and hundreds of apartments.

All told, the study by CSL International forecasts that Allentown’s unique 127-acre Neighborhood Improvement Zone will create 7,500 new jobs and $44 million in annual state and local taxes.

At least that’s the pitch being made to investors who in the coming weeks will be able to buy $235 million worth of revenue bonds to get the complex at Seventh and Hamilton streets started.

Read more: http://www.mcall.com/news/local/allentown/mc-allentown-pa-arena-bonds-20120907,0,5416510.story