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ALLENTOWN, PA-Saint Luke's Hospital and Health Network paid $11.3 million for the initial 180-acre portion of the planned 470-acre Summit Lehigh Valley mixed-use development here. The master plan calls for a lifestyle retail center of approximately 800,000 sf, between 400,000 sf and 600,000 sf of office space and approximately 800 residential units.

Deborah Skeans, formerly co-owner of Imperial Realty here and now a senior advisor to Sperry Van Ness, negotiated the sale with Elaine Emrick, the widow of the former owner of a 700-acre parcel. "The sale of this portion included a charitable contribution," Skeans told GlobeSt.com during a telephone interview from Mipim. Negotiations are currently under way with Emrick for the remaining 290 acres for the development, "and the price for that parcel has not yet been established," Skeans said, adding that this portion will not be similarly discounted.

The project's joint-venture development partners are Birmingham, AL-based Bayer Properties Inc. and Forest City Enterprises, headquartered in Cleveland. According to published reports, the estimated construction cost of this commercial area of the development is in excess of $500 million, while construction of the Saint Luke's Hospital complex is estimated at $40 million. The land is located at Freemansburg Avenue and Route 33 in Bethlehem Township. Skeans says she also plans to work with Forest City's leasing team on the retail portion of the development "and in obtaining area builders who will be invited to participate in the residential development."

Both Deborah Skeans and Darbin Skeans, who co-owned and operated Imperial Realty for 31 years, have been named senior advisors with Irvine, CA-based Sperry Van Ness in a move that represents that company's expansion to the Lehigh Valley. "We see this as an opportunity to better serve our clients," Skeans said of the association. "The Lehigh Valley is becoming an increasingly active market."

In the past three years Sperry Van Ness has expanded from nine to more than 100 markets. Julianne Bowden, director of organizational development, is responsible for the company's growth in Pennsylvania, and Kevin Maggiacomo, regional manager, oversees the region's team of advisors. He says the Skeans are "premier commercial real estate professionals with a proven track record."

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GlobeSt.com EXCLUSIVE: Seller Discounts Hospital's Portion of 470-Acre Development

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