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Our City Reading Inc. is collaborating with Reading officials to redevelop a key downtown building, the nonprofit development group has announced.Plans for the building at 450 Penn St.
include retail spaces at street level, with office and residential units on the upper floors, the city and nonprofit said in a release.The four-story, 120,000-square-foot building on the southwest corner of Fifth and Penn streets serves as a cornerstone in the city’s downtown, the release said, noting public interest is being invited to ensure the project aligns with the needs of the community.The project, designed with flexibility in mind, is aimed at driving economic growth and job creation and enhancing the vibrancy of the neighborhood, the release said.
The redevelopment comes at a time of significant momentum for the city, officials said, and will be supported by the newly announced City Revitalization and Improvement Zone, CRIZ, and the potential restoration of passenger rail service between Reading and Philadelphia.Jim Boscov, chairman of Our City Reading, said the organization is proud to partner with Mayor Eddie Moran and city officials to support the continued revitalization of the downtown.“This redevelopment project reflects Our City Reading’s mission and our ongoing commitment to contributing to the positive changes taking place in the city,” he said in a statement.
Reached in his office, Boscov said the project’s timing is ideal.“It offers a wonderful opportunity, I think, at a wonderful time,” he said, “because there’s a lot going on in the city with the potential of what’s happening with passenger rail, with CRIZ and with some of the other development that’s going on.”Boscov said the nonprofit has worked well with the mayor and his administration on other projects, particularly in creating a commercial kitchen for Helping Harvest Fresh Food Bank in a previously vacant building at the GoggleWorks.
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secret+'"]'),c=new RegExp("^https?:$","i"),i=0;i“I’m delighted to be collaborating with them again to find a better, newer, reimagined use for this building,” he said of 450 Penn St.Our City bought the property from the city in 2005 after the city razed several vacant buildings on the parcel, including those of the former Whitner’s department store.Construction of the $17.
9 million office building was funded by $1.6 million in public grants, $11 million in loans and a $5 million contribution by the initial tenant, the former Sovereign Bank.Santander acquired Sovereign Bank in 2013, assuming the lease and becoming the sole tenant.
Officials said Santander’s 25-year lease will expire at the end of the year and the bank does not plan to renew due to reduced space needs.“They have been a good tenant, and we appreciate their relationship over the years,” Scott Gruber, executive director of economic development for Our City Reading, said in a statement.Boscov said the building has much potential.
The Our City team and city officials have been brainstorming and working with community stakeholders on ideas, he said.“We have some thoughts about how it can best be used,” Boscov said, “and since Santander will remain in the building through the end of the year, we can use that time to plan and imagine.”The project is still in the planning stage, he stressed, noting he is eager to hear ideas from community members and others.
“I always benefit from hearing from other people,” he said.Moran also expressed his enthusiasm for the project and collaboration.“This redevelopment project is an exciting opportunity for our community,” the mayor said in a statement.
“By revitalizing this important building, we’re improving the downtown area and creating new economic opportunities for residents and businesses alike. I’m thrilled to see this project moving forward and look forward to the positive impact it will have on our city’s future.”Work on the redevelopment is expected to begin next year, city officials said.
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