Butz Corporate Center gets first Allentown zone loan
The Allentown Neighborhood Improvement Zone Development Authority (ANIZDA) recently approved a loan to EPC Allentown, LLC, founded by the Butz Family and owner of the Butz Corporate Center.
The $10-million loan through National Penn Bank is the first private development loan that closed through ANIZDA.
"This transaction signifies the positive momentum in the revitalization effort of the city," said Greg Butz, President and CEO, Alvin H. Butz, Inc.
"Our move to Allentown in 2006 has helped to lure other businesses to the downtown, a trend we are encouraged to see recommence with the Neighborhood Improvement Zone tax district now in place."
Butz Corporate Center, Ninth and Hamilton streets, Allentown, resides in the center of the Neighborhood Improvement Zone. The Phase II expansion, which will include 52,000-square feet of Class-A retail-office space, is estimated to bring 150 jobs to the city. The expansion is expected to be complete by April.
"With the expansion of the Butz Corporate Center and the additional jobs it will bring to the city, the Butz family continues to be a leader in the renewal of downtown Allentown," said Sara Hailstone, Allentown' Director of Community and Economic Development.
"The members of ANIZDA continue to be encouraged by developers' interest in building upscale office and retail space within the NIZ."
Butz Corporate Center's Phase I is 100 percent occupied. Phase II will be ready for lease in Spring.