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Mar. 1—WILKES-BARRE — Nick Dye, co-managing member of D&D Realty Group, on Friday said the development company's 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.
PPL Corporation announced Friday that its subsidiary, PPL Electric Utilities, has reached a tentative $9 million agreement to sell its 2 North Ninth St. Tower Building and office complex in Allentown to Northeast Pennsylvania-based developer D&D Realty Group.
The developer's proposed plans for the properties, covering about 450,000 square feet in downtown Allentown, include new mixed-use commercial spaces, apartments and other amenities.
"PPL's iconic headquarters provides us with the perfect canvas for our vision of high-end, downtown living in the Lehigh Valley," Dye said.
PPL President and Chief Executive Officer Vincent Sorgi said the company was 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.
"Our company has been proud to call Allentown home for a century, and we plan to remain part of the city's growth story," Sorgi said. "The Tower Building remains iconic within our community, and we think these future plans will secure its legacy for decades to come."
Founded in 2010, D&D Realty Group, based in Wilkes-Barre, is known throughout the state for its redevelopment projects, which include converting properties into mixed-used commercial and residential units with amenities including restaurants, storage and grocery stores.
PPL announced last June plans to relocate its corporate headquarters to Two City Center, located at 645 Hamilton St., in downtown Allentown, as the company looked to right-size its real estate space.
The company worked with Colliers, a professional services and investment management company that specializes in commercial real estate, and received a wide range of interest in the building complex.
The tentative agreement with D&D Realty Group is contingent upon approval from the Pennsylvania Public Utility Commission.
"We look forward to remaining a steady presence in the city, to engaging as we have for years to build a stronger community, and to keeping our corporate headquarters here in Allentown as we create the utilities of the future in Pennsylvania, Kentucky, Virginia and Rhode Island," said Sorgi.
Allentown Mayor Matt Tuerk said he is 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.