The Waterfront Receives Phase I Approval
There are countless hurdles to conquer in bringing to life a development project such as The Waterfront. This past Wednesday, we accomplished a major one: ANIZDA, the Allentown Neighborhood Improvement Zone Development Authority, unanimously voted in approval of Phase I of The Waterfront. Clearing this hurdle allows us the funding of $92 million that is necessary to complete the first portion of the project. The state and local tax revenue incurred from businesses at the site will go right back into paying off the debt of this massive project through a financial system dictated by the Neighborhood Improvement Zone.
Phase I will include two office buildings, one residential apartment building, an 8,000 square foot building. It will also include a parking lot and a parking garage. Infrastructure is slated to begin in July while construction on the first building could begin as soon as September, depending on agreement from a tenant. To see The Waterfront’s Master Plan, click here.
At the meeting, developers stressed the importance of bringing Allentown’s renaissance to this overlooked section of town to capitalize on the unique advantage that the river offers. WFMZ put together some great coverage of the process and captured the scope of the projects as well as how ANIZDA board members felt this project would positively impact Allentown; watch here.
We want to thank the ANIZDA board for their support and for helping us achieve our vision!