Plans to revitalize Allentown’s historic Americus Hotel have suffered a major blow that could set the project back multiple years, according to the hotel owner.
Albert Abdouche said financing for the $16.5 million renovation project has fallen through due to an Allentown authority’s hesitation regarding his plans.
As a result, Abdouche said he is no longer seeking to tap into the Neighborhood Improvement Zone, Allentown’s 127-acre special tax district, to finance the project.
Instead, Abdouche plans to make $1 million in improvements to the first floor with private money, then perhaps return to the Allentown Neighborhood Improvement Zone Development next year to finance the rest of the hotel renovations.
Read more: http://www.lehighvalleylive.com/allentown/index.ssf/2014/09/allentowns_americus_hotel_revi.html