City Center Lehigh Valley Unveils 10-Year, $500 Million Plan To Help Transform Downtown Allentown, PA
Phase One Includes Office Building and Hotel on Arena Block Along With Previously Announced Office/Retail Building on 7th St. And Potential Third Office Building at 645 Hamilton St.
March 27, 2012 (Newswire.com) - City Center Lehigh Valley (CCLV) announced today that it is the developer of the Class A office building and the full-service hotel on the block that Allentown's arena will occupy.
Additionally, CCLV announced it expects to develop plans for another Class A office building at 645 Hamilton St. in response to increasing demand for commercial space downtown. The announcements were made by CCLV Executive Vice President and Chief Operating Officer Jim Harbaugh following today's meeting of the Allentown Commercial Industrial Development Authority (ACIDA), which today approved a $135 million Neighborhood Improvement Zone loan for CCLV to develop the four projects as well as future development plans.
The three projects announced today are in addition to CCLV's previously announced plans for a 203,000-square-foot Class A office and retail building with connected parking on 7th St. between Hamilton and Walnut Sts. Together, the four projects are the main components of Phase One of CCLV's major mixed-use development in downtown Allentown. Lease commitments totaling more than 245,000 square feet have already been secured for Phase One City Center buildings.
"Based on the enormous commitment made by Lehigh Valley Health Network last week and the overwhelming demand for office space in a transformed downtown Allentown from businesses within and outside the area, our plans for Phase One of City Center Lehigh Valley continue to evolve," Harbaugh said. "The tremendous attention we're receiving from businesses in fields ranging from healthcare to law to accounting - all interested in strategically locating their organizations in a vibrant urban setting - offers proof that City Center and the Neighborhood Improvement Zone will likely become the business and financial core of the Lehigh Valley."
In summary, Phase One includes:
• One City Center Office Building: A high-rise Class A office building with seven floors totaling approximately 180,000 square feet
o Location: 7th & Hamilton Sts. (Hamilton St. side above concourse-level arena retail)
o Future Tenants Include: LVHN's Sports Medicine and Fitness Destination Center will occupy five floors
o Groundbreaking: May 1, 2012
o Construction Completion/Occupancy: Dec. 31, 2013
• Hotel: A high-rise full-service hotel with seven floors totaling approximately 145,000 square feet, including 180 rooms, meeting rooms, banquet rooms and restaurant space
o Location: 7th & Hamilton Sts. (7th St. side of arena block)
o Groundbreaking: May 1, 2012
o Construction Completion/Occupancy: Feb. 28, 2014
• Two City Center Office Building: A high-rise Class A office building with six floors totaling approximately 180,000 - 200,000 square feet
o Location: 645 Hamilton St.
o Proposed Groundbreaking: Sept. 1, 2012
o Proposed Construction Completion/Occupancy: Feb. 28, 2014
• Three City Center* Office Building: A high-rise Class A office and retail building with five floor levels totaling approximately 203,000 square feet with connected parking
o Location: 7th St. between Hamilton & Walnut Sts.
o Future Tenants Include: Buckno, Lisicky & Company; Regan, Levin, Bloss, Brown and Savchak, P.C. ; Davison & McCarthy, P.C.
o Groundbreaking: Nov. 1, 2012
o Construction Completion/Occupancy: June 30, 2014
*Previously named One City Center, this building will now be called Three City Center.
The long-range master plan for City Center Lehigh Valley includes up to six Class A office buildings, two hotels, and residential and retail facilities that will be developed over the next 10 years, amounting to a $500 million investment in downtown Allentown.
"City Center is committed long-term to the transformation of downtown Allentown into a dynamic community for business, culture and urban living."
About City Center Lehigh Valley:
City Center Lehigh Valley is a dynamic development that promises to help transform downtown Allentown into one of America's most vibrant urban communities and become the region's hub for culture, business and metropolitan living. With Allentown's proposed arena at 7th and Hamilton Streets at its core, City Center will blend the best new and existing properties to create an inviting and accessible place to live, work and play-all within walking distance to restaurants, shops, entertainment, parks and more. With flexible plans for up to up to six Class A office buildings, two hotels, and residential and retail facilities that will be developed over the next 10 years, leasing is underway. Located in the Neighborhood Improvement Zone, City Center offers highly competitive lease terms for businesses choosing to help revitalize downtown Allentown. City Center is a project of City Center Investment Corp., a visionary real estate development and management company based in Allentown, Pa.
Categories: Real Estate