CBRE Tapped to Lease $290M Waterfront
Jaindl Properties and Dunn Twiggar Co. have selected CBRE Group Inc. as their leasing agent for the $290 million Waterfront in Allentown, Pa.
CBRE’s brokerage team of Philip Schenkel and Jody King, both vice presidents, will represent the property owner and developer. The 26-acre urban project, planned for the banks of the Lehigh River, has been designed for one million square feet of office, retail and residential space and 2,800 parking spaces.
The Waterfront is situated in the Neighborhood Improvement Zone which is a specially designated 128-acre area of the city that enables developers to utilize state tax revenue from the tenants to significantly reduce occupancy costs. The project site is close to the Fullerton Avenue exit of Route 22 and the proposed American Parkway Bridge.
“The Waterfront is an excellent example of a developer looking to the urban core and the long abandoned waterfront element of a city while working closely with both public and private entities to create a unique, working and living environment,” Schenkel said.