A group of developers has taken a big step toward over-hauling Allentown's waterfront.

The Waterfront Re-development Partners announced Wednesday that it has purchased the former Lehigh Structural Steel Site..along the Lehigh River.

The 26-acre property will be transformed into offices, retail space, a hotel and restaurants.

The structure will be known as "The Waterfront".

Developers say they were able to purchase the property thanks to Allentown's Neighborhood Improvement Zone.