By staff, The Times Leader
WILKES-BARRE — D&D Realty announced Thursday it has purchased the Alleghany Building on South Main Street and will spend $1.75 million to develop the historic 25,000-square-foot property into 16 market-rate apartments and 4,500 square feet of build-to-suit retail space.
This marks the second such acquisition/development of a downtown building for D&D — the first was the Hampton Park Building at East Northampton and South Washington streets.
Nicholas Dye and Casey Donahue, principals of D&D, said construction is expected to begin in September. The developers plan to restore the historic beauty throughout the building, while adding modern touches to the space.
Located across from Wilkes University’s Campus Gateway project, the D&D development team believes the timing of several local projects presents opportune timing for the group to redevelop the 5-story structure.
“The ever-growing expansion of King’s College and Wilkes University create prime mixed-use development opportunities along South Main Street as the two institutions converge on the Public Square,” Dye said.
Larry Newman, executive director of the Diamond City partnership, said the announcement is the latest in the ongoing transformation of the downtown to a neighborhood of choice.
“This is all part of the larger plan of adding residential units in the downtown,” Newman said. “We’ve been very happy to know that the downtown’s new residential conversions have resulted in more than 80 new units in five separate buildings.”
Newman noted that residential units have been created, or are under construction at the former Citizens Bank building and Wyoming National Bank at West Market and Franklin streets, Luzerne Bank on Public Square, Southside Bank at South Main and Ross streets, Hampton Park and now the Allegheny building.
“We have different developers and all are private investments,” Newman said.
The Hampton Park building on East Northampton Street a 27-unit unit adaptive-reuse development, consisting of a blend between upscale apartments, office, and retail space.
Dye said residential demand for downtown apartments commanded rapid absorption of the units, as all residential units were pre-leased prior to the completion of construction.
At Hampton Park, apartments were rented between $1,000 and $1,750 per month.
“Downtown Wilkes-Barre is quickly becoming a living destination not only for students, but for young professionals and empty nesters alike,” Donahue said. “The increasingly available dining and entertainment options in downtown make it a desirable place to live.”