Inside Cover C — January 27 - February 9, 2017 — Economic Development — M id A tlantic
Real Estate Journal
www.marejournal.com
L ehigh V alley , P ennsylvania
Today, Allentown is the fastest-growing city in Pennsylvania.
The Setting A prime location for redevelopment
Allentown is the largest city in the Lehigh Valley and the third-largest city in Pennsylvania. While the state’s biggest cities, Philadelphia and Pittsburgh, revitalized over the last several years, Allentown continued to decline – until recently. Today, Allentown is the fastest-growing city in Pennsylvania, thanks in large part to an innovative state law that created the Neighborhood Improvement Zone (NIZ). Coupled with the vision and support of private developers, state and local politicians and the area’s business and community leaders, the NIZ has reversed downtown Allentown’s decline and transformed the urban core into a sought- after destination for living, working and playing. In fact, Allentown was named one of “five cities with up-and- coming downtowns” by Fortune magazine in 2015.
Neighborhood Improvement Zone The tool to spur revitalization
The Neighborhood Improvement Zone (NIZ) was created in 2009 as a tool to spur the revitalization of 128 acres in downtown Allentown and along the Lehigh River. All state and local taxes generated within the NIZ – with the exception of school district and real estate taxes – can be used to pay debt service on any financed improvements within the zone. New construction in the NIZ began with an 8,500-seat arena, PPL Center,
that is now home to the Lehigh Valley Phantoms, the professional minor- league hockey team affiliated with the Philadelphia Flyers. Expanding from there, the special tax-incentivized zone has welcomed more than $600 million of investment, with the $400 million City Center Allentown development leading the way. Today, downtown Allentown is a more dynamic, bustling and successful place, while the strong public-private
For more information: Jill Wheeler 610.625.5533 jillw@citycenterlehighvalley.com said, “The Allentown project, with $500 million worth of construction under way and another $500 million in planning, is among the largest in small- to midsize cities nationwide.” partnership created by the NIZ is preparing for another $500 million in development. In an article by The Wall Street Journal, Brookings Institution Senior Fellow Christopher Leinberger
4 CITY CENTER ALLENTOWN
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