Developer moving forward on what will be 2 new apartment buildings as part of Allentown waterfront project

Construction will soon begin on phase 2 of the Allentown waterfront project, says Zac Jaindl, COO of Jaindl Enterprises.

Two new apartment buildings will rise on either side of the office building, 615 Waterfront, which opened last October.

The first complex, River House, at 30 E. Allen St, will be the first residential apartment building on the site, bringing 201 units and space for a 5000-square-foot cafe.

"The building has a range of all the amenities people are looking for today, including a tenant lounge, work-from-home amenities, a central courtyard, and a gated lawn, a pool, fitness faculty, rooftop deck,” Jaindl said.

This week, the ANIZDA committee voted to move forward with a full board vote to fund River House construction, coming in at roughly $69 million.

Jaindl says once approved, they're ready to start breaking ground.

A second apartment building, called Stone Hall, will go up as well sometime next year. That will bring another 157 units.

Like River House, it will be mostly one-and-two-bedroom apartments, with some studios, and the design will play off the region's industrial heritage.

“[We’re] introducing sort of that industrial, almost mill-like, look into the architecture,” Jaindl said.

Rent prices for both buildings are not yet finalized.

Jaindl says they will not be using NIZ financing for the second building.

"We're not just in this for the tax benefit,” Jaindl said. “We're showing that we have skin in the game."

The total construction cost for both buildings, combined, will be nearly $108 million.

Source: Justin Backover, WFMZ-TV 69 News

Previous
Previous

Embracing AI and AR in the real estate industry: A look at the future

Next
Next

Pennsylvania economy booms as April unemployment stays at record low 3.4%