Allentown Mayor Ed Pawlowski announced today that the city has been awarded a $400,000 grant from the Pennsylvania Department of Community and Economic Development to support the mixed-use redevelopment of 809-813 Hamilton Street.
Owner Richard Kontir and his group, 809 Hamilton Investors, LP are planning a restaurant and retail store on the first floor and four rental-occupied residential units on the second floor of the site. The funds, which will come in the form of a loan from the city, will support the renovation and fit-out of the second floor. The money comes from DCED’s Housing and Redevelopment Assistance Program.
“This grant is significant because it helps further our community and economic development strategies in the center city,” said Pawlowski. "The city is able to convey the state grant as a loan to the developer. As it is paid back, the money can be used to further fund or finance other development projects in the city. It's a win-win financing situation. A new full-service, sit-down restaurant will bring the total of restaurants to six all within one block around the critical intersection of 9th & Hamilton streets. It will also bring more residents to help create a 24 hour center city.”
809 Hamilton Investors, LP are using more than $800,000 in developer/private financing for property acquisition and facade, roof and first floor improvements. According to Kontir, “I am excited about the great investment and tremendous momentum that is building in this area of the city and I want to be part of it. We anticipate that work on both floors will be completed this fall.”
809-813 Hamilton enjoys a key city location. Its western façade abuts the grassy area of PPL Plaza, Allentown’s major downtown venue for concerts, festivals and holiday events. The rear/northern facing portion of the building is immediately accessible to a large, public surface-parking lot and a six story parking deck along Linden Street.
“This property is situated in both a Keystone Opportunity Zone (KOZ) and Enterprise Zone,” offered Pawlowski. “The KOZ offers greatly reduced state and local taxes while businesses locating in an Enterprise Zone could recover up to 25% of an investment in the form of PA corporate net income tax credits
