X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BETHLEHEM, PA-A three-party partnership that has long sought to obtain the Martin Tower complex on 52.3 acres at Eaton and Eighth avenues has acquired it from International Steel Group for $12 million. The acquisition of the former Bethlehem Steel site had been awaiting city council’s approval of a zoning amendment so a residential community of up to 945 units could be developed.

A council spokeswoman confirms to GlobeSt.com that the requested zoning amendment was approved on the stipulation that the 21-story Martin Tower be retained. With that done, a first quarter 2007 groundbreaking is being planned.

ISG, a subsidiary of Netherlands-based Mittal Steel, acquired the three-building, 1.2-million-sf complex following Bethlehem Steel’s bankruptcy in mid-2003. James Vesey, Jerome Kranzel and James Sheehan, senior directors in the Philadelphia office of Cushman & Wakefield Inc., represented ISG and also procured the buyer, who is identified as a partnership led by the Boca Raton, FL-based Herrick Co., which also has offices in Northern New Jersey and is headed by Norton Herrick. Vesey confirms the other partners are locally based Wind-Drift Real Estate, headed by Lewis Ronca, and Ashley Development, which is owned by Lou Pektor, a prolific developer in the region.

Ronca confirms the overall construction cost of the project is estimated at $200 million to $310 million. He tells GlobeSt.com that “the tower will be converted into between 170 and 200 condos.” Among the other planned residences are two-story townhouses and four-story, stacked townhouses along with “a small amount of retail,” he says. Prices for the condos and townhouses have not yet been determined. Ronca anticipates a four-year build-out.

The 643,570-sf Martin Tower is the centerpiece of the property as “the signature building in the Lehigh Valley and the tallest, most visible suburban high rise in the Allentown, Bethlehem, Easton market,” Vesey says. A three-story, 253,452-sf office annex is connected to the tower plus there are two single-story industrial buildings with nearly 95,000 sf.

Currently, a division of Dunn & Bradstreet occupies “a big chunk, about 300,000 sf of the complex,” Vesey says. “It will relocate to a build-to-suit that has been approved in the Lehigh Valley Industrial Park, leaving the complex vacant.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

 

GlobeSt. Multifamily Spring 2022 (Formerly APTS)Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.