A Flemington, N.J.-based development group, which already has several development projects in and around the city of Easton, has been selected as the buyer for the city's Alpha Building.
At 9 ½ stories, the Alpha Building is home to City Hall, but the city is moving its offices to a new intermodal center that is under construction.
With a bid of $4 million and plans for retail, office and residential space, VM Development Group was chosen by the city.
"There was an RFP [request for proposal] and we were the highest bidder," Mark Mulligan, CEO of the development group, said this morning. "Also, they're familiar with the quality of the work we do, and I think that they liked the residential component of our plan."
Mulligan said research the company has done shows there is a strong ongoing demand for residential properties in downtown Easton.
VM also is the developer of other Easton projects, including the Pomeroy Building, the National Building and the Governor Wolf Building.
Mulligan said the timing was perfect to add the Alpha Building to its list of projects.
Because construction is still underway on the city's future offices, VM will lease Alpha Building office space to the city for at least the next two years.
"The Governor Wolf Building should have a pretty quick turnaround of 12 to 18 months and should be done just in time to start on this building," Mulligan said.
While final plans would still need approval, the intent is to keep the first floor as retail space, have offices on the next four to five floors and upscale residential units on the upper floors, Mulligan said.
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