ALLENTOWN, PA-CBRE has been named to handle leasing for The Waterfront urban redevelopment project here.
Jaindl Properties and Dunn Twiggar Co., the owners and developers, hired CBRE as exclusive agent, and a brokerage team of Philip Schenkel and Jody King will handle the assignment.
The Waterfront is a 26-acre project that at the heart of the revitalization efforts in Allentown. Located along the Lehigh River, the site will house 1 million square feet of office, retail and residential buildings and is to have 2,800 parking spaces.
The Waterfront lies within The Neighborhood Improvement Zone, a specially designated 128-acre area of the city that enables developers to use state tax revenue from the tenants to reduce occupancy costs.
“We are excited to be working with a strong team to create a place where the community can enjoy a beautiful setting for dining, working and living,” said CBRE's King. “The Waterfront is an excellent example of a developer looking to the urban core and the long abandoned waterfront element of a city while working closely with both public and private entities to create a unique, working and living environment,” added Schenkel.
The Waterfront site is close to Route 22 and the upcoming American Parkway Bridge, allowing easy access to New Jersey and Route 78 West.
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