Posted by Real-Time News.
Ascot Circle Realty recently purchased the land and air rights it needs to build the tower at Ninth and Walnut streets and plans to start construction later this year.
Construction will start this fall on the 33-story Allentown Landmark Tower, which will be Pennsylvania’s tallest building outside of Philadelphia and Pittsburgh, the developer said.
Ascot Circle Realty recently purchased the land and air rights it needs to build the tower at Ninth and Walnut streets and plans to start construction in the fourth quarter of the year, Ascot President Bruce Loch said Thursday.
Ascot is close to signing both office and retail tenants for the building, which will include 24 floors of offices and two floors of retail, Loch said.
“We’re talking to a number of tenants that any one of them could fill the entire office space,” Loch said.
The building’s upper seven floors will be condominiums, which Loch said he would price for sale after the office tenants are obtained. The building will likely have 20 large, high-end condominiums and all will be higher than the 24-story PPL Building, Loch said.
“You’re going to have unobstructed views in four directions,” he said. “They’re going to be pretty exclusive.”
The tower will take between 18 and 21 months to construct and should be done by the end of 2017, Loch said.
“It’s a very unique project,” Allentown Mayor Ed Pawlowski said in a statement. “I am excited to continue to see it move forward.”
Ascot paid $130,000 for the vacant lot at 90 S. Ninth St. and the air rights over the adjacent Allentown Parking Authority garage, Loch said. Ascot also has obtained a 20-year lease on 250 parking spots in the 540-spot garage, Loch said.
Allentown land surveyor Arthur Swallow, who is contracted on the Allentown Landmark Tower building, said it is the most exciting project he’s worked on in his career.
“The construction of the tallest building within 50 miles of the Lehigh Valley is truly a monument to the revitalization of Allentown,” he said in a statement.
The tower is located in the Neighborhood Improvement Zone, which allows all state and local non-property taxes to be used for construction costs. The zone has produced low-priced office and retail rental rates.
Fellow NIZ developer City Center Lehigh Valley earlier this week announced plans for two tall towers of its own -19 stories and 17 stories – a block away at Eighth and Walnut streets.