Bethlehem Awarded Redevelopment Designation
1/26/2014 | Construction Blog
In what will be a positive move for construction companies from Pennsylvania and New Jersey working in the City of Bethlehem, the City has been awarded one of two City Revitalization and Improvement Zone program designations. Those involved in the process are hoping it will have the same effect on development and the resulting economic impact as the construction of the Sands Casino at the old Bethlehem Steel Stacks.
It is reported that a number of developers are eager to move forward with projects deemed to be shovel ready. Some estimates place the value of the work between $350 million and $400 million. The investment would be over the next 4-5 years. The CRIZ covers roughly 130 aces of ground in Bethlehem and permits the use of certain state and local taxes generated in the area to be used to fund additional development.
Among the projects being considered are the conversion of the long abandoned Martin Tower to a mixed use facility and conversion of the Steel Stacks office building to another use. A keen eye should be kept on what will likely be some interesting projects.