Developers of The Waterfront, a 26-acre development planned for along Allentown’s Lehigh River, expect the project to create more than 3,000 jobs and bring in more than $4 million per year in real estate tax revenue.
Waterfront Redevelopment Partners LP – a partnership between Dunn Twiggar Company, LLC, Michael Dunn Co. Ltd. and Jaindl Properties LLC – recently presented its master plan for the $250 million project to the Allentown City Planning Commission yesterday. Allentown Mayor Ed Pawlowski credits the Neighborhood Improvement Zone tax incentives for making projects like this happen.
Having such substantial projects as The Waterfront and One City Center happening at the same time is a tremendous opportunity for the city, he said. “We’re not just rebuilding. We’re reinventing Allentown.”
According to the partners, the Waterfront will consist of 610,000 square feet of office space, 172 residential apartments, and 130,000 square feet of retail space along the Lehigh Waterfront.
Construction is expected to begin in 2014 with the first occupancy beginning in early 2015.