Bethlehem, PA – Triple Net Investment XXXV LP and EcoTech Marine LLC will each be receiving $500,000 in
Enterprise Zone Tax Credits and Palace Row LLC will receive $436,721 that will support their current development projects. This adds up to a total of $1,436,721 awarded to development projects in the City taking place in 2020-2021. The City of Bethlehem’s Enterprise Zone helps to facilitate economic development and renovate blighted properties. There have been 11 Enterprise Zone Tax Credit awards granted over the past 6 years to projects in the City totaling $3,586,262. This program has proven to provide value to the City, development community, and businesses looking to expand or relocate to the City.
“Bethlehem is one of 5 communities in the Commonwealth with the Enterprise Zone designation” said Bethlehem’s Mayor Bob Donchez. “This unlocks tax credits for new development and renovation projects in the City that prove to be vital to the overall success of the project.”
The Governor’s Press Release regarding the awards can be found
here.
“The Neighborhood Assistance Program demonstrates what is best about Pennsylvania—our critical partnerships, our commitment to community, and our tremendous spirit of giving,” said Department of Community and Economic Development (DCED) Secretary Dennis Davin. “These investments are a promise to our communities that together, we will overcome our current challenges and build a better future for everyone who calls our commonwealth home.”
Triple Net Investments XXXV LP is investing over $13 million to construct a new 150,000 SF industrial building at 1025 Feather Way. The building will be leased to the newly announced Bowery Farms who will employ 70 people at the site. This is the first indoor vertical farm in Pennsylvania and the fourth such project in the country. These will be new jobs to the Commonwealth of Pennsylvania. Construction is projected to be completed by mid-2021.
“We are pleased to continue our investment in the Lehigh Valley” said Jim Petrucci, President of J.G. Petrucci Co., Inc. “The City’s Economic Development Coordinator, Asher Schiavone, provided critical assistance in applying for Enterprise Zone Tax Credits that make it advantageous for us to target that investment in Bethlehem.”
EcoTech Marine is coming home to Bethlehem! Their new location will be slightly roomier than their college apartment where they launched the venture while attending Lehigh University. EcoTech Marine LLC is investing $2 million dollars to fit-out 50,289 sq. ft. of leased manufacturing and office space in a new 88,007 sq. ft. industrial building at 2675 Commerce Center Blvd. Improvements include plumbing, electrical, HVAC, sprinkler system, and more. EcoTech Marine is a manufacturer of high-end aquarium equipment that launched in Bethlehem with the help of the Southside Bethlehem Keystone Innovation Zone and Ben Franklin Technology Partners programs. EcoTech will be housing 80 employees at the new facility in Bethlehem.
EcoTech Marine continues to play a pivotal role in Bethlehem’s startup scene through their involvement on the KIZ Board. Pat Clasen, EcoTech’s Director of Finance, has served on the KIZ Board since 2009 and his expertise has been invaluable to evaluating and mentoring new startups as they look to launch and commercialize. Needless to say many of Bethlehem’s startups are looking to become the next EcoTech Marine.
“Everyone at EcoTech is thrilled to be moving back to our old stomping grounds in Bethlehem” said Pat Clasen of EcoTech Marine. “The teams at the LVEDC and J.G. Petrucci company really came together to provide us with the perfect location and facility to launch EcoTech into the next phase of our business. EcoTech continues to expand our product lines for the aquarium industry, and we are well-positioned to move into new markets, including terrariums and horticulture.”
Palace Row LLC is investing $1.75 million to renovate the 11,374 sq. ft. abandoned property at 409-411 Wyandotte St. and add two storefronts along with six apartments. One storefront will be MetroPCS. The other storefront can either be a restaurant or another business. The apartments will target low to middle income residents, with the possibility of partnering with New Bethany Ministries to add more options to their need for housing units. Construction was planned to start in October and it is expected to be completed by the first quarter of 2021.
“We are very excited to have received this tremendous opportunity from the Commonwealth of Pennsylvania and the DCED” said Jackson Eigmy. “Being born and raised in Bethlehem, the outlook of the city is very important to both Tucker and me. The property is in prime location for both public transportation and assistance from other community leaders. In our design, we have prioritized efficiency through solar panels, a well-insulated envelope and an extremely efficient HVAC system. This allows for us to eliminate utility costs for our tenants. The fact that the state has similar goals reflects positively on the collective effort to improve our community, and the Commonwealth at large.”
Any property owner, developer, or company interested in learning more about the Enterprise Zone and other economic development programs are encouraged to contact the City of Bethlehem’s Dept. of Community and Economic Development.
Contact:
Asher Schiavone
Economic Development Coordinator
City of Bethlehem
Dept. of Community & Economic Development
10 East Church St.
Bethlehem, PA 18018
(610) 865-4347
ASchiavone@bethlehem-pa.gov