74 W Broad Street, Bethlehem, PA 18018
This development converted an underutilized surface parking lot to a tax assessable real estate investment. Through the use of the Northampton County’s LERTA (Local Economic Revitalization Tax Assistance program) ADC was able to phase in the increased real estate taxes due to the improvements over the course of 10 years – a direct savings passed on the tenants as an incentive to locate their businesses within the building. Liberty Center is located at the downtown intersection of Broad and Main Streets, the heart of the central business district on a parcel that was a parking lot. This urban in-fill new construction project is a prime example of the re-urbanization of corporations and businesses. The Fireman’s Fund Insurance Company relocated from a suburban office park to be located in Bethlehem’s downtown, with significant support from its employees. The company now occupies 60,000 square feet of the office building. The lower levels are occupied by commercial retail tenants, including one of Bethlehem’s premier restaurants, a luxury salon & day spa, and a furnishings and home decorating retailer; all of these businesses are owned by local entrepreneurs who’ve grown their businesses in the Lehigh Valley.