After almost 10 years of ownership, a developer is poised to
turn three parking lots along Bethlehem’s East Third Street into three new
buildings with 114 apartments and 100,000 square feet of retail and office
space.
BethWorks Renovations partner Michael Perrucci said the
timing is finally right to build upon the lots, which are across from
Northampton Community College’s South Side campus.
Part of the timing is Bethlehem’s quest to obtain a state
City Revitalization and Improvement Zone, of which the three parking lots would
be part, Perrucci said. The zone, if granted, would allow new construction
within the zone to use its new state and local nonproperty taxes toward its
financing.
The other reason is the upswing in economic growth in the
Lehigh Valley, Perrucci said.
“I think the Valley has been very robust and will continue
to be robust. There are exciting things happening in Allentown,” he said.
“There’s a need for development in the South Side, not only for young
professionals but empty-nesters that would like to be near SteelStacks and
ArtsQuest.”
The 114 apartments would be geared toward those looking for
a walkable, urban lifestyle, said Rob de Beer, the development director for
Peron Development, Perrucci’s Bethlehem-based development group. Residential
development doesn’t qualify for as many revitalization zone incentives but the
company sees a market for apartments in the neighborhood with or without it, de
Beer said.
“We believe in the South Side market for residential,” he
said. “The cool, urban-type apartments on the north side are moving so
quickly.”
bethworks renovations overviewView full sizeBethWorks
Renovations' three buildings would be across East Third Street from Northampton
Community College's South Side campus, between Polk and Buchanan
streets.Rendering courtesy of Peron Development
Bethlehem for several years has wanted new housing near the
SteelStacks entertainment complex and to find a way to better connect it to the
South Side business district, Mayor John Callahan said. The BethWorks
Renovations complex will achieve both those goals, he said.
“There’s kind of a moat around the Steel site and this
bridges that gap,” Callahan said.
Residential has long been envisioned for the former Steel
General Office building, which is across the street from the BethWorks
Renovations lots. While the SGO building and much of the remaining 126 acres
around the former blast furnaces also are included in the proposed
revitalization zone, owner Sands BethWorks doesn’t have immediate plans beyond
the hotel, convention center and Bass Pro Shops planned inside the former No. 2
Machine Shop, Callahan said.
Sands Casino Resort Bethlehem President Robert DeSalvio
through a spokeswoman declined comment this week on the company’s plans for the
site. Perrucci’s BethWorks group also is minority owner of the 126 acres.
BethWorks Renovations will likely seek professional offices
for its office space and neighborhood retail for its retail space but both will
be dependent upon who the company can attract through the revitalization zone
incentives, de Beer said. The company is proposing both 50,000 square feet of
retail space and 50,000 square feet of office space across the three buildings.
All three buildings would be four stories and would be
mostly brick to match the existing Bethlehem Steel Corp. buildings in the
neighborhood, de Beer said. The company also owns an empty lot east of Buchanan
Street that’s also proposed to be included in the revitalization zone but
doesn’t have any immediate plans for, de Beer said. The three proposed
buildings would be between Polk and Buchanan streets.
Another developer is working on plans for new retail,
offices and student housing nearby on West Third and West Fourth streets. Both
Perrucci and de Beer said they see that development — which also is part of the
proposed revitalization zone — as complementary, not competition.
“What Dennis (Benner) is doing down the street is exciting,”
Perrucci said. “I think there’s just a lot coming together. If the CRIZ
happens, I think you’ll see a lot of development throughout the city of
Bethlehem.”
No comments:
Post a Comment