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A blighted Allentown industrial site will be revitalized. PHOTO/COMMUNITY FIRST FUND
Blighted Allentown industrial site to receive $49 million revitalization
Stacy Wescoe//May 1, 2024//
Listen to this articleA blighted 17.5-acre manufacturing campus overlooking Fountian Park in Allentown is getting revitalized with the help of an $8 million investment from Lancaster-based Community First Fund.
Community First is partnering with Marcon Properties on the project, which will use New Markets Tax credits to help with the revitalization effort.
The project has a total cost of $49 million and is aimed at addressing the community’s 25% poverty rate, unemployment twice the national average, and a median family income of 56.2% the national average.
Community First Fund has allocated a $6 million NMTC investment and a $2 million leverage loan.
Community First Fund President and CEO Daniel Betancourt said the goal of the initiative is to create the opportunity to access jobs and foster skilled workforce development in Allentown, contributing to community transformation.
“Our goal is to transform communities,” Betancourt said. “We are excited to be involved in a project that will create new quality jobs as well as skilled workforce development in Allentown.”
Eastern Exterior Wall Systems, an affiliated company, will lease two of the buildings on the site, increasing manufacturing capacity and supporting jobs growth in the Lehigh Valley.
This is expected to create and retain 82 full-time union jobs and 41 indirect jobs, providing employment and training opportunities for residents.
“Marcon Enterprises and Marcon Properties are proud to work with our community to restore this prominent site overlooking Fountain Park and be a part of Allentown’s continuing industrial history.” said Jody Marcon, president, and CEO of Marcon Industries. “This project will allow us to expand our manufacturing capacity and provide employment and training opportunities for those in the neighborhood.
The financing structure also includes NMTC allocations from Building America’s CDE and Consortium America’s CDE, investments from Capital One, and loans from Fulton Bank demonstrating a commitment to community revitalization and economic development.
