Shopping Center Business

MAY 2016

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MIXED-USE 310 • SHOPPING CENTER BUSINESS • May 2016 The first phase will feature three Class A office buildings; two parking garages; one 190-unit residential complex, all on- site infrastructure, including Waterfront and Riverside drives and the first half of River Walk; the first two floating docks; Allen Street Plazas; and an outdoor amphitheater. The residential component of The Waterfront will appeal to Lehigh Valley's empty nesters and millennials alike, notes Jaindl. While the team is currently focus- ing on leasing the project's planned office buildings, it plans to begin construction on the residential properties as demand indicates, with an ideal scenario of the eight-story office building at 560 Water- front Drive and the residential building at 630 Waterfront coming out of the ground at the same time. Although an architect and design team have not been selected for the residential component yet, the properties will offer a high-end feel with gas cooking amenities, in-unit washers/dryers and walk-in closets. The property may also feature balconies over- looking the upcoming Riverside District streetscape. The Waterfront also will create commu- nity space and connectivity through the introduction of Riverside Drive, a new 3.5-mile roadway, and a link to the Dela- ware and Lehigh National Heritage Cor- ridor, a 165-mile National Heritage Area network of trails in eastern Pennsylvania. Additionally, the project will include a half-mile River Walk; two on-site floating decks for direct river access; two open-air plazas for outdoor recreational program- ming, such as concert series and seasonal attractions; and The American Parkway, a new vehicle and pedestrian bridge con- necting portions of the site. Centrally located in Lehigh Valley, which is known for its industrial and distribution activity, Allentown is the third largest city in the state. According to the Lehigh Val- ley Economic Development Corp., the region boasts a $35.4 billion GDP and a population of more than 650,000. While there has been continued development in the suburban regions, development in the urban center has been stagnant for years, until economic incentive zones were cre- ated to jumpstart urban renewal projects. A state law implemented in 2009 des- ignated 128 acres in Allentown as part of the Neighborhood Improvement Zone (NIZ), a special taxing district that en- courages development and revitalization in downtown Allentown. All taxes gen- erated in the NIZ, with the exception of school district and city taxes, can be used to pay debt service on any financed improvements within the NIZ, allowing developers to offer extremely attractive rental rates to tenants. All 26 acres of The Waterfront are located within the NIZ, making the site — which was acquired in 2012 — a must-seize opportunity for the developers, a partnership between Jaindl Properties LLC and Dunn Twiggar Co. "Nationally, urban riverfronts have served as incredible catalysts for devel- opment; and Allentown's segment of the Lehigh River has been hidden behind a curtain of industrial use for decades," notes Jaindl. Even though the site was previously an industrial facility, the project team only hit a few hurdles to clear the project for mixed-use development, and now that the dilapidated industrial buildings have been removed, there is a 26-acre blank canvas to design a project to best accommodate tenant demands and the community's needs. Although The Waterfront will be years in the making, the development team is making strides with the project. With the full master-plan designed, the team has received final approval for the first phase of the project, completed the demolition of all pre-existing structures, designed the first three commercial office buildings and begun infrastructure improvements. "Very simply: the pan- oramic water vistas of the Lehigh River, the location within the Neighborhood Improvement Zone, and the project's key role in Allen- town's ongoing renaissance make it unique and standout in Allentown," says Jaindl. THE POINTE SAYREVILLE, NEW JERSEY Specializing in brownfield remediation, O'Neill Properties Group was not daunt- ed by the extensive clean up required due to brownfield contamination that plagued a 440-acre site — including a 40- acre toxic lagoon — around the former National Lead manufacturing facility in Sayreville, New Jersey. When the developers acquired the site in 2008, its need for remediation was exten- sive, but it also held huge untapped poten- tial for an area at the convergence of the Garden State Parkway, Route 9 and Route 35 — one of the busiest intersections in the United States. O'Neill Properties and the project's general contractor MLP Build- ers teamed up with Maser Consulting to complete the $8 million remediation project, including a 205,000-square-foot compacted pad made of recycled mate- rial removed from the New York Harbor and in situ stabilization, which improves and stabilizes soil content while removing chemical contaminants. "This property has been abandoned for nearly two decades, and we are now bringing the site back to life, which will be a great economic boon to the area," says Brian O'Neill Jr., chief operating officer of King of Prussia, Pennsylvania-based O'Neill Properties Group and develop- ment manager at The Pointe. When complete, The Pointe at Sayre- ville will feature 2.4 million square feet of retail space, 2,000 waterfront townho- mes and apartments, 32,000 square feet O'Neill Properties Group is developing The Pointe in Sayreville, New Jersey.

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