City Center proposes $130M, 15-story tower in Allentown

City Center Investment Corp. of Allentown disclosed plans today to build a 15-story office complex with a four-story spire across from PPL Center in the city’s downtown.

City Center Investment Corp. of Allentown disclosed plans today to build a 15-story office complex with a four-story spire across from PPL Center in the city’s downtown.

The company said the project, estimated to cost $130 million, would include a 300,000-square-foot office building and an 800-space parking deck with 200 upscale apartments above it.

The building, eyed for the 700 block of Hamilton Street behind the Wells Fargo building, would be flanked by Seventh, Walnut and Eighth streets.

If built, it would be taller than Two City Center, the 11-story office/retail building anchored by National Penn Bank at the corner of Seventh and Hamilton streets that opened in March.

The Allentown Neighborhood Improvement Zone Development Authority’s project review committee approved the project for initial review at a meeting today, said Sy Traub, chairman of ANIZDA. The project, called Five City Center, has yet to be approved by the ANIZDA board, he said.

J.B. Reilly, president and CEO of City Center Investment Corp., wanted to add a residential portion to the Five City Center project and to expand his $180 million revolving line of credit to $265 million to fund the project, Traub said.

“This office tower will be the largest City Center project to date, and we’re excited to enhance downtown Allentown’s skyline with what will be a beautiful building,” Reilly told Lehigh Valley Business this afternoon.

Reilly is expected to appear before the ANIZDA board for project approval at a meeting in January, Traub said.

“This is going to be a terrific project for Allentown because what we need is the additional residential component,” Traub said.

Reilly also is developing Strata – luxury flats – under construction at Four City Center, across from the Renaissance Hotel at PPL Center.

Straub said there appears to be substantial demand for luxury units.

“The 15-story building he is proposing will be a building that will define the Allentown skyline and Allentown as an urban center,” Traub said.

He estimated there could be as many as 1,000 office workers in Five City Center, which would support service-oriented jobs throughout the downtown.

“I think it will help develop that whole arena complex, and he [Reilly] is going to try to do that with walkable streets,” Traub said.

Source: LVB.com