Pennrose Properties and City Center Investment Corp. have teamed up to develop a $45 million high-end, mixed-use complex in Allentown to capitalize on the explosion of new construction driven by the city’s Neighborhood Improvement Zone (NIZ).
As reported by The Morning Call, this will be the joint venture’s first project under the city’s NIZ, which allows private developers to finance their projects via a combination of federal and local tax incentives.
The complex will be located on 7th Street and will feature a five-story building with 160 luxury one- and two-bedroom apartments with rents starting from $1,000 a month. Project plans also include 30,000 square feet of premium retail, café and restaurant space on the building’s first two floors, as well as 125 high-end underground parking spaces and a rooftop pool.
The project is part of a major development plan called City Center Lehigh Valley that’s meant to transform downtown Allentown into one of the most vibrant urban communities in the region. The master plan calls for three Class A office buildings, the rehabilitation of several buildings on Hamilton Street, a 200-room full-service hotel and the adjacent 8,500-seat PPL Center hockey arena that is currently under construction.
According to a project description on Urban Land Institute (ULI) Philadelphia’s website, Allentown-based City Center Investment Corp. has already invested over $500 million in the redevelopment project. It is estimated that in the next two years more than a billion dollars will be invested in the city of Allentown through this project.
Rendering courtesy of Pennrose Properties