The Waterfront falls within the Neighborhood Improvement Zone, or “NIZ”, which allows the development to provide valuable business incentives. Interested to learn more? Read some of the most common Q&A topics below or download our “NIZ 101”, a thorough breakdown of what the Neighborhood Improvement Zone is and how it can help your business.
Created by a state law in 2011, the Neighborhood Improvement Zone (NIZ) is a special taxing district that encourages development and revitalization in Allentown. The NIZ consists of approximately 128 acres in center city Allentown and along the western side of the Lehigh River. Under the law, certain state and local tax revenues generated by new and existing businesses within the NIZ can be used to pay debt on bonds and loans that are issued for qualifying capital improvements in the zone. Those improvements include the public-private arena complex at Seventh and Hamilton streets as well as other private commercial, retail, residential, hospitality, conference and exhibition projects of approved applicants. The NIZ is overseen and managed by the Allentown Neighborhood Improvement Zone Development Authority (ANIZDA).
Tenants that locate in the NIZ have the ability to take advantage of aggressively below market rental rates for Class A office and retail space, which will lower costs/overhead and allow tenants to reinvest the savings back into their business.
This will depend on the amount of state and local taxes paid by a tenant, but it is estimated it could be 30% – 75% reduction in base rental rate (not including rental operating expenses, utilities or janitorial expenses.)
All Qualified Businesses and Contractors must file all applicable PA State and Local NIZ Tax Reports annually by January 30th to qualify to received NIZ benefits. ANIZDA has hired a firm to help you with questions about reporting at no cost to your business. For a summary of the reporting responsibilities, please see the Allentown Neighborhood Improvement Zone (NIZ) Brochure available here.
For information regarding residential and commercial leasing, contact The Waterfront.Lease Now