On Friday, PPL Corporation announced its subsidiary PPL Electric Utilities had reached a tentative agreement with D&D Realty Group to sell its Ninth St. property in Allentown for $9 million.
The 450,000-square-foot PPL property, 2 North Ninth St. Tower building and office complex, will be converted to new mixed-use commercial spaces, apartments and other amenities.
“We were excited to see the plans proposed by D&D Realty Group and the economic opportunities additional mixed-use commercial and residential space would bring to downtown Allentown,” PPL President and Chief Executive Officer Vincent Sorgi, said. “Our company has been proud to call Allentown home for a century, and we plan to remain part of the city’s growth story. The Tower Building remains iconic within our community, and we think these future plans will secure its legacy for decades to come.”
Based in Scranton, PA, D&D Realty is known throughout the state for its redevelopment projects. PPL announced last year in June that it planned to relocate its corporate headquarters to another space in downtown Allentown as it works to “right-size” its real estate space. The deal with D&D Realty is contingent upon approval from the Pennsylvania Public Utility Commission.
“As developers, our bread and butter has been transforming historic downtown office buildings into mixed-use developments with a focus on high-end residential and complementary commercial uses,” Nick Dye, co-managing member of D&D Realty Group, said. “PPL’s iconic headquarters provides us with the perfect canvas for our vision of high-end, downtown living in the Lehigh Valley.”
PPL said it looks forward to continuing to provide utility service in Pennsylvania, Kentucky, Virginia, and Rhode Island and remaining in Allentown. Allentown Mayor Matt Tuerk said the city looks forward to PPL’s continued presence there.
“I’m thrilled that the team at PPL was able to combine the excitement of revitalizing an iconic property with the positive momentum in Allentown to attract a quality developer to this project,” Tuerk said. “Allentonians are proud of our skyline, and it’s wonderful to know that the tower will continue to light up Center City Allentown, reinforcing downtown as a place where businesses thrive and we celebrate the joy of life.”