City Center Investment Corporation Announces Tallest Office Tower in Pennsylvania Outside of Philadelphia and Pittsburgh
Five City Center Innovation Campus Also Includes New Event Center and Apartments
Allentown, PA, May 1, 2017 (Newswire.com) - City Center Investment Corp. (CCIC), the real estate development company whose major mixed-use development, City Center Lehigh Valley, is revitalizing downtown Allentown, Pennsylvania, announced expanded plans and a construction timeline for its Five City Center Campus today. The announcement was made by CCIC President J.B. Reilly.
The $250-300 million project now includes plans for the tallest office tower in Pennsylvania outside of Philadelphia and Pittsburgh.
Reilly also announced a partnership with entertainment complex developer Jerry Deifer Jr. today."Our goal is to create a world-class entertainment complex that complements all of the other downtown and regional venues," said Deifer. "There is a great vibe downtown with the arts and music culture. We want to build on that and offer something unique."
Details on the campus and each portion of the project are:
Location: 700 block of Hamilton Street bounded by Hamilton, Seventh, Walnut and Eight Streets
Master Plan Developed By: Studios Architecture and Land Collective
Construction Scheduled to Begin: 2018
Construction Scheduled to End: Five City Center Innovation Tower - late 2020; residential buildings - mid-2019
Parking: 1,000 spaces
Commercial Space: 30,000 GSF
Center Green: 1.7-acre park
Five City Center Innovation Tower (Eighth & Hamilton Streets): 24 floors, 353 feet tall, 442,000 GSF
Five City Center Residential
- Residential Tower (Seventh & Walnut Streets): 12 Floors, 168,000 GSF, 150 Apartments
- Residential Two (Eighth & Walnut Streets): 4 Floors, 75,000 GSF, 75 Apartments
Together, City Center and Deifer plan to develop a 30,000-square-foot entertainment complex on the corner of Seventh and Hamilton streets in downtown Allentown. The indoor/outdoor venue will be activated year-round with a variety of events designed to provide nightly activity. Plans include a permanent stage, outdoor high-definition LED screens and a stunning multi-season beer garden. The complex will also include a 1,400-capacity indoor venue that can open onto a new park. City Center plans to break ground on the complex in the fall of 2017.
Additionally, Reilly provided an update on CCIC’s other projects:
- Three City Center is now 100-percent leased.
- STRATA East is 43-percent leased and on schedule to open Memorial Day 2017.
- STRATA Symphony is on schedule to open in the winter of 2017.
- Tower 6 is 60-percent leased and on schedule to open in the winter of 2018.
About City Center Lehigh Valley:
City Center Lehigh Valley is a major mixed-use development that is helping transform downtown Allentown, Pennsylvania, into one of America’s most vibrant urban communities and a regional center of excellence for business, culture and metropolitan living. With Allentown’s new arena, PPL Center, at its core, City Center includes more than 1 million square feet among three Class A office towers, the Renaissance Allentown Hotel, STRATA West, The Shops at City Center, upscale restaurant space and a coworking space called Velocity. City Center’s total investment in downtown Allentown is $400 million, with additional development of office, residential, retail and green space underway.
Jeff Vaughan, Vaughan Communications Group, firstname.lastname@example.org, 610-533-4264
Source: City Center Investment Corporation