ALLENTOWN, Pa. — The prospective owners of the PPL tower building are no strangers to transforming tall structures into elite apartments.
PPL Corp. announced Friday that its subsidiary, PPL Electric Utilities, has reached a tentative $9 million agreement to sell its 96-year-old, 322-feet-high iconic tower building and office complex at 2 N. 9th St. to Scranton-based developer D&D Realty Group.
PPL announced in June plans to relocate its corporate headquarters to Two City Center, at 645 Hamilton St. in downtown Allentown.
Founded in 2010, D&D Realty Group is a multi-faceted real estate company concentrating on development while also providing brokerage, management, and construction services for commercial and residential real estate.
The developer’s proposed plans for the properties, covering about 450,000 square feet in downtown Allentown, include new mixed-use commercial spaces, apartments and other amenities.
Representatives from D&D Realty Group did not respond to email and phone messages seeking comment Friday.
Scranton/Wilkes-Barre projects
D&D Realty Group has conducted a number of residential redevelopments, mostly in the Scranton/Wilkes-Barre area.
Among the group’s past projects are:
- Renovation of the historic Oppenheim Building in Scranton, a former retail store, into more than 70 apartments. Rent for a one-bedroom, one-bath, 787-square-foot unit is $1,650 per month.
- Buying the 12-story SNB Plaza in Scranton and creating 19 apartments. Rent for a two-bedroom, one-bath, 700-square-foot unit is $1,500 per month.
- Renovating the 11-story former PNC Bank building (renamed RiverView West) in downtown Wilkes-Barre and creating 43 deluxe apartments.
The D&D Realty Group has invested more than $24 million in developments in the Scranton/Wilkes-Barre area over the past 13 years.
D&D Realty Group is owned by brothers Casey and Adam Donahue and Nicholas Dye. Dye and Adam Donahue are 2009 graduates of Ursinus College, and Casey Donahue is a 2008 graduate of Temple University.
The tentative agreement between PPL and D&D Realty Group is contingent upon approval from the state Public Utility Commission.
