Friday, July 22, 2016
Peron Development Takes Over Bethlehem Armory
The deal, announced today by Bethlehem Mayor Bob Donchez, is for $322,000. This allows Bethlehem's Redevelopment Authority to purchase the property from the Commonwealth for the agreed upon price of $272,000 – with the preservation covenant – and utilizing the $50,000 premium over the purchase price to recover expenses involved in the planning and development process.
It is anticipated that closing will take place in 2017.
The Peron team includes Boyle Construction, USA Architects and Noble Preservation Services. The Peron proposal provides for the development of 70 to 76 apartment units and depending upon the final zoning and planning approvals the creation of mixed-use commercial tech space in the former drill hall. The project is projected to cost approximately $10 million.
What I love is that this property will be developed with no tax abatement, no public subsidies, no CRIZ, no NIZ, no TIF, no Fed Ed and no help whatsoever by Senator Pat Browne. A property that is currently tax-exempt will turn into a $10 Million tax-ratable for the City of Bethlehem, Bethlehem Area School District and County of Lehigh.
The state was willing to convey the property so long as it remained subject to an historic preservation covenant approved by the Pennsylvania Historical and Museum Commission.
“The City of Bethlehem has a long history in preserving important elements of our local history, and the Bethlehem Armory will be no exception,” said Mayor Donchez. He called the Armory a "pivotal gateway to West Bethlehem."
Bethlehem sure has a lot of gateways.
Blogger's Note: I was unable to attend this announcement because I was sitting in on Drug Court. I have relied on information supplied by Bethlehem and its redevelopment Authority.