During a recent walk-through of the two historic buildings on the northwest corner of Fifth and Penn streets, Shuman detailed plans for their adaptive reuse and for the construction of an adjacent infill structure.<\/p>\n
The developer said his plan is divided into three phases, beginning with the restoration of the former Farmers National Bank building, a colonnaded limestone landmark that reflects the city\u2019s early 20th century financial prominence.<\/p>\n
![\"The](\"https:\/\/www.newsbeep.com\/us-pa\/wp-content\/uploads\/2026\/05\/REG-L-ShumanFifthAndPenn313.jpg\")
The main lobby of the former Farmers National Bank at Fifth and Penn streets that Alan Shuman is redeveloping. (BILL UHRICH\/READING EAGLE)<\/p>\n
Opened in January 1927, the building featured Tennessee marble floors, Italian marble wall treatments and a leaded art-glass ceiling, along with a massive vault with a 40-ton steel door that remains intact. Period newspaper articles described it as a state-of-the-art facility, designed to project stability and civic pride.<\/p>\n
\u201cIt\u2019s getting restored back to its original condition,\u201d Shuman said of the building, noting he plans to re-create the leaded glass skylight removed during a 1980s renovation.<\/p>\n
![\"Alan](\"https:\/\/www.newsbeep.com\/us-pa\/wp-content\/uploads\/2026\/05\/REG-L-ShumanFifthAndPenn312.jpg\")
Alan Shuman, in the conference room of the former Farmers National Bank at Fifth and Penn streets, plans to reconfigure the first floor into an interior retail space for small businesses. (BILL UHRICH\/READING EAGLE)<\/p>\n
The building\u2019s first floor will be reconfigured into a retail space for small businesses such as coffee shops and eateries with access to a central courtyard. Storefronts will face both Penn and Court streets, Shuman noted.<\/p>\n
The courtyard, accessible through the main building, is intended to create an interior pedestrian experience, complementing storefront activity along Penn Street, he said.<\/p>\n
Unlike neighboring structures, Shuman said the Farmers building will not include residential units due to structural limitations.<\/p>\n
![\"City](\"https:\/\/www.newsbeep.com\/us-pa\/wp-content\/uploads\/2026\/05\/REG-L-FifthandPennShuman234_copy.jpg\")
City Council approved the sale of a string of long-vacant properties in the 400 block of Penn Street to entities affiliated with local developer Alan Shuman. (BILL UHRICH\/READING EAGLE)<\/p>\n
The project\u2019s second phase will focus on the adjacent Colonial Trust building at the northwest corner of Fifth and Penn streets.<\/p>\n
Constructed between 1901 and 1903, it was designed by brother architects Seymour and Paul A. Davis of Philadelphia and once stood as the tallest building in Reading, according to period newspaper reports.<\/p>\n
Plans call for ground-floor retail and lower-level restaurant space with apartments above.<\/p>\n
A 1982 addition to the building, visible from the Fifth Street side, also will be adapted for residential use.<\/p>\n
Shuman said work on the high-rise component will follow completion of the first phase, pending permits and financing.<\/p>\n
![\"Developer](\"https:\/\/www.newsbeep.com\/us-pa\/wp-content\/uploads\/2026\/05\/REG-L-ShumanFifthAndPenn316.jpg\")
Developer Alan Shuman looks over the refrigerated vault that once stored furs in the basement of the former Farmers National Bank at Fifth and Penn streets. (BILL UHRICH\/READING EAGLE)<\/p>\n
The three westernmost parcels on the site have already undergone significant change, and more is planned.<\/p>\n
Two buildings on the block were demolished by the city before the sale due to safety concerns, and a third structure is slated for demolition because of critical structural issues.<\/p>\n
Another Penn Street building will be demolished, Reading officials say<\/a><\/p>\n The cleared parcels will set the stage for the project\u2019s final phase, which will feature new construction for mixed commercial and residential use.<\/p>\n The developer plans to build a five- to six-story infill building that will wrap around Court Street and extend toward Penn Street, tying the development together.<\/p>\n \u201cThat new building is going to be about five stories tall with two floors of retail and then three floors of residential above it,\u201d he said.<\/p>\n Shuman said he envisions a mix of retail, dining and residential uses across the buildings, designed to increase foot traffic and activity on Penn street.<\/p>\n No on-site parking is planned, he said, noting tenants and customers would rely largely on nearby facilities, including the Abraham Lincoln garage and city-managed street parking.<\/p>\n![\"The](\"https:\/\/www.newsbeep.com\/us-pa\/wp-content\/uploads\/2026\/05\/REG-L-ShumanFifthAndPenn314.jpg\")
The entrance to the Callowhill Center at Fifth and Penn streets. (BILL UHRICH\/READING EAGLE)<\/p>\n