Jaindl predicts construction of at least one waterfront building to begin shortly – 69News WFMZ-TV

ALLENTOWN, Pa. - The owner-developer of The Waterfront property located south of the Tilghman Street Bridge on the Lehigh River secured a 12-month extension to his original funding agreement with the Allentown Neighborhood Improvement Zone Development Authority (ANIZDA) Wednesday.

The owner also secured a near $2-million increase to his original credit line in order to begin construction on at least one of two proposed office buildings expected to materialize in the very near future.

"One of these buildings is going up and we're starting construction this year," said Mark Jaindl, CEO of Jaindl Enterprises of Allentown, who originally signed at the very end of 2015 to secure NIZ funding to develop a significant portion of the riverfront on the west shore of the Lehigh River on the downtown's eastern end.

Plagued with some unexpected and numerous but necessary infrastructure improvements at the site, construction of several commercial, residential, and parking structures has been delayed to date. However, Jaindl said one undisclosed large tenant for the 645 office building and between 16 to 20 smaller ones for the 615 address are in the works.

The near $2-million approved credit facility increase will be used for design services and building foundation construction elements.

It also will cover HVAC upgrades including air filtration and circulation enhancements, the result of the current COVID-19 pandemic, Jaindl said.

He added construction will not resume for another two weeks on the ongoing improvements to the Tilghman Street Bridge whose completion is forecast to be within the next six to twelve months, according to his construction contract.

In other business, the board approved a request by downtown Allentown developer Center City Investment Corp. for a 17th modification to its current $125 million credit facility amount to include a reduction to an $85 million principle loan amount for projects.

ANIZDA solicitor Jerry Frank said the newest funding agreement between Center City and the authority will be a combined document consolidated with two other agreements.

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Jaindl predicts construction of at least one waterfront building to begin shortly - 69News WFMZ-TV