Think Loud Development LLC, which is owned by CEO Bill Hynes and Live band members Chad Taylor, Patrick Dahlheimer and Chad Gracey, bought the Outlet Center building in October 2011 for $1 million.

While the York-based company originally planned to renovate the 110-year-old building located at 801 N. Ninth St., the partners are now considering demolishing the building to make room for a new structure.

"The building fell into such disrepair that it is structurally unsafe, and there are serious environmental concerns that need to be remediated as well," said Hynes, who spoke to Lehigh Valley Business from Las Vegas, where Think Loud was attending an international building conference. "Unfortunately, it has lost all its historic identity. What gave it historic identity were the windows, and the previous owner removed all the windows. It is just a brick shell of what it was."

Hynes added, "To rehabilitate that building would cost over $30 million. To knock it down and create a new building will cost half that."

Whether the company razes the building and starts fresh or renovates the structure, the goal for the struggling neighborhood remains the same – revitalization.

Plans for the space include occupancy by a major high-tech tenant, other smaller businesses, and more than 100 residential units, Hynes said.