Developers purchase property on Allentown's waterfront

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Published: Aug 28 2012 08:00:00 PM EDT   Updated On: Aug 29 2012 06:44:17 PM EDT

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.