Scranton‘s financial house may be in disorder, but the downtown residential boom continues to build momentum.
More than $11.3 million in three ongoing developments will add 74 apartments to Central City by next summer.
“Scranton is a hot commodity,” said Charlie Jefferson, an investor in the $8.6 million redevelopment of the Scranton Chamber of Commerce Building at Mulberry Street and North Washington Avenue.
Scranton’s municipal government is facing a credit crisis and recently borrowed $6.25 million to cover short-term financial obligations. City residents could face potential tax increases of 39 to 79 percent – or more – over the next three years.