ANIZDA Approves 1 Center Square Office Tower Project
Developer City Center Investment Corp presented updated plans for a new downtown office tower to the board of the Allentown Neighborhood Improvement Zone Development Authority (ANIZDA) today.
The ANIZDA board voted to approve the 200,000–300,000 square foot, 11-16-story 1 Center Square office building project proposed for 702 Hamilton Street at an estimated cost of $100 million. The updated design for the site on the southwest corner of Seventh and Hamilton Streets preserves the limestone and granite façade of the iconic Merchants National Bank building which serves as the base from which a tower of glass and steel emerges. Architectural steel cantilever supports are to create partial shade on a newly hardscaped and landscaped plaza. Prime street level retail space will open to the plaza along Seventh Street.
This would be the sixth office building developed by City Center Investment Corporation utilizing the unique development finance tool available for qualified projects in Allentown’s Neighborhood Improvement Zone (NIZ). The developer reports occupancy in its completed office buildings at approximately 94%.