New skyscraper proposed for downtown Allentown would be Lehigh Valley’s tallest
A new skyscraper in downtown Allentown that would be the tallest building in the Lehigh Valley by a mere four feet has been proposed by Ideal Concepts, an insurance marketing and technology firm.
The proposed Ideal Tower, to be built at the corner of Eighth and Hamilton streets, would be a commercial building standing at 326 feet with 21 stories and more than 330,000-square-feet of office space. Ideal has owned the property since 2017.
The current tallest building, the PPL Building a block away at Ninth and Hamilton, is 322 feet. The proposed Landmark Tower — also known as the “pencil tower” — is planned to be 420 feet tall.
“We are proud to announce the creation of a new keystone building in Allentown’s City Center,” said John Pequeno, president of Ideal Tower LLC. “We are excited to welcome the most forward-thinking organizations to enjoy all the modern amenities our property has to offer, such as flexible layouts, open air spaces including a restaurant, co-working areas and a shared auditorium.”
Allentown Mayor Matthew Tuerk said he welcomes “new partners” to the downtown.
“Our city is eager to include new perspectives as we embark on a second decade of redevelopment on Hamilton Street, the Lehigh Valley’s central business district,” he said.
James Buckley, director of building development for Ideal, said plans have been presented to the city and could be on the planning board’s agenda for its Nov. 8 meeting. After getting feedback on the project and making any changes to the design, Ideal will begin leasing space to help “jumpstart” the process
“Our internal timetable is that we are focused on the release of the balance of the design by the beginning of the second quarter of 2024,” Buckley said. “In a perfect world, we’d be able to start construction by the end of the fourth quarter of 2024 or in early 2025. It will then be an 18- to 24-month project after we put the first shovel in the ground.”
The project’s estimated cost is $95 million.
Buckley said Pequeno wants to bring more business to downtown Allentown. While Ideal will take three or four floors as its corporate headquarters, the hope is to attract other businesses from outside the Lehigh Valley to move their headquarters to Hamilton Street.
“The Lehigh Valley has been home for him since he was born,” Buckley said of Pequeno. “The main driver is that he wants to give back to the community in a positive way. He believes in the renaissance of downtown Allentown.
“Our project and contractors will focus on using local suppliers for a large portion of the raw and fabricated materials that will go into the building. The Lehigh Valley is known for the quality of its workforce and the materials that they produce.”
Silk heritage
According to Ideal, the tower’s design was crafted to bring a piece of the city’s history to the Hamilton Street corridor, and the architectural firm Gensler is using the theme of Allentown’s role as a silk producer. The design is a soft silhouette inspired by the soft lines of a roll of silk fabric.
The edge of the roll is represented by an offset diagonal architectural glass wall on the front of the building.
Ideal said another goal is to “bring the outside in” with a green wall in the lobby and terraces along the building’s facade.
Other amenities include an open-air market, bar and restaurant along with live greenery throughout the building with 360-degree views.
The building is located within Allentown’s Neighborhood Improvement Zone. The NIZ allows developers to tap virtually all the state taxes created by their new projects to pay off construction loans.
“Once again we see the benefit of the NIZ in downtown Allentown, spurring economic development and family sustaining jobs in our urban core,” said state Sen. Nick Miller, D-Lehigh/Northampton.
Ideal Concepts, which originally had its headquarters on Union Boulevard in east Allentown, purchased a five-story building at the northwest corner of Eighth and Hamilton streets in 2017 for $1.3 million, with plans to create up to 500 new jobs at the site.
The plan is to demolish the current building to make room for Ideal Tower.
In October 2022, Ideal announced that it had moved its headquarters to the top four floors of the Butz Corp. at 842 Hamilton St. The company has grown to more than 400 employees, with almost half its staff located within the Lehigh Valley.