The Allentown Neighborhood Improvement Zone District Authority (ANIZDA) Wednesday afternoon approved a $2.75 million credit facility increase now totaling $7.75 million for developer J.B. Reilly's City Center Investment Corporation who over the last year has largely been responsible for the growing revitalization of downtown Allentown.
Appearing before the board for City Center, Vice President of Sales Jim Harbaugh said the reasons for the credit line increase with Univest Bank and Trust of Souderton are "increased scope and increased costs" particularly for retail and restaurant projects on the 500 block of Hamilton Street where the former Federal Grille and Colonial Barbershop once operated.
Increased development efforts in the 500 block of Hamilton Street are no surprise since the new hi-rise Center City Three office building located on the site of the former Colonial Theater is scheduled to open this spring.
According to Harbaugh, what he's prospecting for 536 Hamilton to replace the former Federal Grille is a restaurant offering a lower-priced menu to a broader array of consumers.
In addition, he said although new retail is planned next door for 538 Hamilton, site of the former Colonial Barbershop, no specifics were given since rental contracts have not been signed.
However, he noted 538 Hamilton has considerable structural issues especially on its upper floors that need to be addressed in addition to much needed utility repairs, thus increasing costs to the developer.
Harbaugh said 530-532 Hamilton which already houses on its upper floors business incubator Velocity containing 11 new companies with approximately 30 workers has another mid-priced restaurant planned for its ground floor.
Allentown Director of Community and Economic Development Sara Hailstone commented the credit facility increase request is essentially for the same development projects the board originally approved back in 2013.
However, she remarked, "We are happy to hear about new investment."
from 69News:Home http://ift.tt/1C3ndDN
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