New Allentown Project Is Biggest Ever for Neighborhood Improvement Zones
7/7/2014 | Construction Blog
The next project for the City Centered Investment Corporation of Allentown is likely to end up being its biggest ever. Five City Center, a proposed 7-story office building would be 250,000 square feet plus parking for more than 1,000 spaces to accommodate the building. The project would be headed by the Allentown Neighborhood Improvement Zone Development Authority.
The Five City Center project will be built at a cost of approximately $100 million on a property located in the parking lot of the current Wells Fargo building between Walnut and 7th and 8th Streets. The location is prime real estate in close proximity to the PPL Center, which is where the new hockey team will be playing. With the Development Authority’s approval in place, the City can begin looking for tenants as zoning approval and construction are completed.
This additional construction will add to the aforementioned hockey arena, as well as planned retail and restaurant spaces and new office buildings already planned and underway. It adds spunk to an already invigorated effort at revitalization efforts in the Lehigh Valley and is example of “improvement authorities” doing good work.