PPL reaches tentative agreement to sell Tower Building to D&D Realty Group

Mar. 1—WILKES-BARRE — Nick Dye, co-managing member of D&D Realty Group, on Friday mentioned the event firm’s bread and butter has been reworking historic downtown workplace buildings into mixed-use developments with a give attention to high-end residential and complementary industrial makes use of.

PPL Company introduced Friday that its subsidiary, PPL Electrical Utilities, has reached a tentative $9 million settlement to promote its 2 North Ninth St. Tower Constructing and workplace complicated in Allentown to Northeast Pennsylvania-based developer D&D Realty Group.

The developer’s proposed plans for the properties, protecting about 450,000 sq. ft in downtown Allentown, embody new mixed-use industrial areas, flats and different facilities.

“PPL’s iconic headquarters supplies us with the right canvas for our imaginative and prescient of high-end, downtown residing within the Lehigh Valley,” Dye mentioned.

PPL President and Chief Government Officer Vincent Sorgi mentioned the corporate was excited to see the plans proposed by D&D Realty Group and the financial alternatives further mixed-use industrial and residential area would convey to downtown Allentown.

“Our firm has been proud to name Allentown house for a century, and we plan to stay a part of the town’s progress story,” Sorgi mentioned. “The Tower Constructing stays iconic inside our group, and we expect these future plans will safe its legacy for many years to return.”

Based in 2010, D&D Realty Group, based mostly in Wilkes-Barre, is understood all through the state for its redevelopment tasks, which embody changing properties into mixed-used industrial and residential models with facilities together with eating places, storage and grocery shops.

PPL introduced final June plans to relocate its company headquarters to Two Metropolis Middle, situated at 645 Hamilton St., in downtown Allentown, as the corporate seemed to right-size its actual property area.

The corporate labored with Colliers, knowledgeable providers and funding administration firm that focuses on industrial actual property, and acquired a variety of curiosity within the constructing complicated.

The tentative settlement with D&D Realty Group is contingent upon approval from the Pennsylvania Public Utility Fee.

“We stay up for remaining a gradual presence within the metropolis, to participating as we’ve for years to construct a stronger group, and to maintaining our company headquarters right here in Allentown as we create the utilities of the longer term in Pennsylvania, Kentucky, Virginia and Rhode Island,” mentioned Sorgi.

Allentown Mayor Matt Tuerk mentioned he’s thrilled that the crew at PPL was capable of mix the joy of revitalizing an iconic property with the constructive momentum in Allentown to draw a high quality developer to this mission.

“Allentonians are happy with our skyline, and it is fantastic to know that the tower will proceed to gentle up Middle Metropolis Allentown, reinforcing downtown as a spot the place companies thrive and we have a good time the enjoyment of life,.” Mayor Tuerk mentioned.

Attain Invoice O’Boyle at 570-991-6118 or on Twitter @TLBillOBoyle.

Check Also

Woman killed while ‘trapped’ in machinery at South Carolina fabric plant, coroner says

A lady working at a textile plant in Upstate South Carolina was killed when she …

Leave a Reply

Your email address will not be published. Required fields are marked *