READING, Pa. – Reading Mayor Eddie Moran is offering new details about a planned development in Center City after crews tore down two historic buildings due to safety concerns.
“Penn Square has always been known as the downtown,” said Reading City Councilmember Chris Miller, who represents District 6. “[It is] the center of our city, and when you look back in history, you see how much Reading was a destination.”
Officials with the City of Reading say they signed a letter of intent for Shuman Development Group to redevelop the properties at Fifth and Penn streets, which sat vacant for years.
“Fifth and Penn is one of the most visible and important corners in our city, and for far too long, it reflected delays in the state of progress,” said Moran.
Crews demolished two historic buildings last year after the city said they were beyond repair.
Shuman Development Group says the approximately $52 million will include residential and retail space.
“In keeping the historic along with the new, we’re going to be doing historic restorations of the two buildings; the bank building and the nine-story building,” said Alan Shuman, president of Shuman Development Group.
“Building a brand new five-story building with three floors of residential and two floors of commercial retail space, wrapping around to the right here, all the way to the back of the block,” he added.
“I’m very thrilled to see that Mr. Shuman stepped forward with a vision that combines progress with historic preservation,” Miller said.
City officials say they will reimagine the boundaries of the CRIZ, the City Revitalization and Improvement Zone, which is a state-approved program that uses tax revenue to spur development.
“This is what progress looks like in Reading, folks,” said Moran. “Measured, intentional and focused on results.”
“This is our beating heart,” said Reading City Council President, Donna Reed. “It was in trouble for a while; it’s going to come back.”
Shuman says he expects crews to be on site to begin work in about 30 days.
A rendering of the 5th & Penn redevelopment project.
Shuman Development Group