Allentown Waterfront development to 'go vertical' in July
By Anthony Salamone
Mar 23, 2018 | 7:35 PM
| ALLENTOWN
Here is a rendering of 560 Waterfront Drive, a residential building that is scheduled to go up first in Jaindl Enterprises' The Waterfront development along the Lehigh River in Allentown. (Jaindl Enterprises / Courtesy rendering)
The Waterfront will not be something similar to San Antonio's River Walk, the Inner Harbor in Baltimore, or other high-profile destinations, said Zachary Jaindl, part of the father-son team involved in the $425 million mixed-use development planned along the Lehigh River in Allentown.
But he said Jaindl Enterprises, the company founded by him and his father, Mark, has drawn inspiration from those locations — for things that went right and wrong. And the goal is to create something unique to the Lehigh Valley in residential, retail and business along a 26-acre stretch between the Tilghman and Hamilton street bridges.
"What we want to do is not really build a business park," said Zachary Jaindl. "We want to build something unique for the City of Allentown, a gateway."
Zachary Jaindl speaks Friday, March 23, about The Waterfront project during an Allentown Chamber of Commerce luncheon. (Anthony Salamone / THE MORNING CALL)
Allentown Waterfront construction to begin by summer
Jaindl Enterprises updated plans for an office-residential-retail development along the Lehigh River.
By Tim Darragh
Jaindl gave an update on the project Friday to about 250 people during the Allentown Chamber's Economic Development lunch meeting at the Renaissance hotel.
And it was clear from his remarks that the younger Jaindl sees a market from the Valley's schools, which he said graduate students who flock to bigger cities and fail to return home. And there's been a gradual movement to lure back those in the 20-to-40 age bracket, he said. That, in large part, is what is driving the vision for The Waterfront.
[More Business] Retail Watch: Pen Argyl councilwoman opens borough shop selling artisan fashions, toys, home decor and more »
"What you are seeing in the downtowns of Allentown, Bethlehem and even Easton, we're starting to create the experience and walkable environments that millennials are seeking," he said.
Here are the takeaways from the event, which included Jaindl's presentation and a separate interview.
The project is scheduled to "go vertical" beginning in July.
With much of the roadwork, utilities and other infrastructure in place, Jaindl said people expect to see steel beams (he coined it "going vertical") rising soon. While earlier proposals called for the first building to be a commercial space, Jaindl said they will erect a 175-unit residential property at 560 Waterfront Drive, followed by a parking garage at 545 Riverside Drive. Jaindl Enterprises opted for the change after a market study, with part of the rationale giving tenants better views of the Lehigh. He also said that the company believes it's more prudent to lure tenants first, particularly millennials, who are more attracted to walkable areas in urban settings and various amenities. He gave the audience a glimpse in giant slides and words of what the apartments would offer but did not disclose rents.
[More Business] LCB opens lottery giving Pennsylvanians a chance to buy famed Van Winkle bourbon »
Why is Jaindl Enterprises going solo?
Last month, during a presentation to the media, Jaindl said Jaindl Enterprises had become the sole developer of The Waterfront. The project had come out of a partnership between Jaindl and real estate firm Dunn Twiggar, which declined to comment in February. "It's more so they decided to go their own way," he said, adding that Dunn Twiggar also wanted to focus on another development. "And we decided to go our way. We really have a passion for Allentown and what's going on down there."
No names were dropped, no questions were asked.
Jaindl didn't field any questions after his 30-minute presentation, which featured the company's other developments, including redevelopment of the former Lehigh Valley Trust Co. building on Hamilton Street to the Vault 634. The boutique social and reception facility is scheduled to host its first event in May. During an interview, Jaindl said the company has "signed proposals" from three companies for The Waterfront, but signed proposals are not done deals. "We are waiting on the leases to be signed," he said.
[More Business] Allentown airport may hit a million travelers in 2020. Here's why »
Just to be sure, The Waterfront will not be built overnight.
While Jaindl Enterprises expects the first residential and office buildings will be built by 2020, Jaindl said the entire project would take eight to 10 years, with the two-phase campus of 12 buildings essentially being constructed one at a time. "This project isn't coming out of the ground all at once," he said.
A chamber event never lacks for levity, and plaudits.
Anyone who attends a Chamber event learns early on that these events typically come with loud music and attempts at levity and plaudits. Speakers lauded the Jaindls, whose family members have been fixtures in the region, for their vision on The Waterfront. "The impact that the Jaindls have had on this community is unreal," said Tony Iannelli, president and CEO of the Greater Lehigh Valley Chamber of Commerce, which oversees the Allentown chamber. "We used to have developers who would sort of start something and never quite finish it. And now we have real people who are doing real work."