Berks

Developer awarded tax credit for Lincoln Towers project

Developer awarded tax credit for...

READING, Pa. - The former Abraham Lincoln Hotel in Reading is getting a multi-million dollar boost.

The Community First Fund is giving an $8.25 million tax credit to Alan Shuman, the developer who is currently revamping the former hotel at North Fifth and Washington streets into apartments and shops.

Shuman said he hopes the investment will encourage other developers to come to downtown Reading.

"It's important to invest in downtown properties like this," Shuman said. "Reading is one of the only cities in Pennsylvania that has the groupings of historic buildings like the Abraham Lincoln Hotel here."

Once it's finished, the new Lincoln Towers will have nearly 100 apartments and 10 retail spaces.

The project is expected to create 60 full-time jobs.


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