Nov 6, 2015
Allentown's NIZ vs. The Real Local Economy
Economically, this area has become the Tale Of Two Cities. Every day we read of a new NIZ development in Allentown, but also of some company in the valley either closing or cutting back. On the front page we read about City Center Development Company building more apartments, but inside we learn that Kraft, Mack, Air Products and Brown Printing are having setbacks. Because this seems confusing to many, I have decided to provide some clarity.
On the front page we're reading a J.B. Reilly wealth management report, it has nothing to do with us. There are no new office jobs, just jobs transferred from somewhere else. At first, the transferred jobs came from other towns in the area, like PennNational from Boyertown. More recently, jobs are just moving from other places in Allentown, like Buckno Lisicky from the Masonic Temple Building, and Morgan Stanley from the Frederick Building. The restaurants hoping to serve the transferred office workers are new, but there are too many, and they are withering on the vine, quicker than they open.
When you balance Reilly's private portfolio vs. the real economy, we seem to be heading toward a downturn. There is no comparison between a Kraft production job, and selling popcorn part time at the arena. But my friends, don't allow me to depress you with reality, tonight is First Friday in Reillyville. Boogie on down to center city, and toast Reilly's City Center, you're paying for it.
Reilly's proposed Five City Center, on Hamilton to Walnut, between 7th and 8th Streets.