11 West 2nd Street, Bethlehem, PA 18015
Riverport has been registered by the National Parks Service which considers this project as the prototype for adaptive reuse of historic industrial buildings of its size. Prior to its redevelopment, the National Parks Service listed the property among “America’s Most Endangered Historic Places”. The 198,000 square foot former machine shop was commissioned in 1941 by the Department of Defense for the manufacture of artillery barrels by Bethlehem Steel for the WWII effort. The building was vacated in the 1980’s and was marginally used for storage until it was purchased by Ashley Development. The redevelopment program included historic rehabilitation of the brick superstructure, new construction of 171 luxury condominiums, landscaped courtyards that feature industrial artifacts in homage to the building’s history, 50,000 square feet of commercial space (which is fully occupied) and a 468-space parking garage – 4 1/2 acres of new urban in-fill all under one roof. ADC leveraged mezzanine financing to offset brownfield remediation costs and funds for the Bethlehem Parking Authority, who owns and manages the parking garage.
**$2.5M – RCAP, $1M – Northampton Co. bond, $1.5M Bethlehem Parking Authority (to finance parking garage, without which the project would not have been feasible)