May 2012 1 PUTTING THE NIZ IN PERSPECTIVE : 2012 PUTTING THE NIZ IN PERSPECTIVE.

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Presentation transcript:

May PUTTING THE NIZ IN PERSPECTIVE : 2012 PUTTING THE NIZ IN PERSPECTIVE

PUTTING THE NIZ IN PERSPECTIVE : MAP OF ALLENTOWN NIZ

PUTTING THE NIZ IN PERSPECTIVE : MAP OF DOWNTOWN NIZ Finite Area with Limited Future Development Capacity +/– 40 Acres

PUTTING THE NIZ IN PERSPECTIVE : DOWNTOWN NIZ SITES NOT AVAILABLE FOR FURTHER COMMERCIAL DEVELOPMENT Existing Development Future Commercial Development Future Retail/Residential Development Potential NIZ Property for Development Sacred Heart Hospital Morning Call Hess’s Parking Deck Arena Block Verizon PPL Plaza Butz Building Holiday Inn Parking City Center Office Site Retail/ Resi BrewWorks Cosmo Sovereig n

Incremental Costs for Urban NIZ Development: Structured Parking Increased Security During and After Construction Prevailing Wage Construction Contracts Higher General Construction Costs PUTTING THE NIZ IN PERSPECTIVE : DOWNTOWN NIZ CHALLENGES

Largest Urban Core in the Valley PUTTING THE NIZ IN PERSPECTIVE : DOWNTOWN NEEDS REVITALIZATION Highest Poverty Rate in Allentown Highest Unemployment in Allentown

PUTTING THE NIZ IN PERSPECTIVE : REGIONAL BENEFITS 2,500+ Arena-block Jobs Created 1,700 Construction Jobs 750+ New Permanent Jobs

PUTTING THE NIZ IN PERSPECTIVE : Finite Area of +/–90 Acres MAP OF RIVERFRONT NIZ PPL Substation Bucky Boyle Park Long-term Leases Existing Leases Limit Short-term Development Opportunities 15 Acres Buildable

PPL Substation – $40 Million to Relocate Bucky Boyle Park – Subject to Federal Restrictions Several Buildings with Long-term Leases Up to 2022 Poor Access Limited Development Opportunities Short-to-Midterm Railroad Intersects Site Heavy Industrial Use = Possible Environmental Remediation Required PUTTING THE NIZ IN PERSPECTIVE : RIVERFRONT NIZ CHALLENGES

The NIZ Encompasses Finite and Challenging Development Opportunities. The NIZ is Not Large Enough to Have Material Impact on Lehigh Valley’s Commercial Real Estate Market. The NIZ is Necessary to Create a Healthy Urban Core & More Successful Region. PUTTING THE NIZ IN PERSPECTIVE : THE NIZ IN CONTEXT OF THE BIG PICTURE