City/State: Bethlehem, Philadelphia
In September 2022, Clarion Partners, in partnership with global real estate developer Trammell Crow Company (TCC), commenced the vertical development of Lehigh Valley Trade Center III (LVTC III), two Class A industrial buildings totaling 588,319 square feet in Lower Nazareth, Pennsylvania. Located at 4733 Hanoverville Road, the project will be built with many sustainable features that we believe will be attractive to a wide range of tenants. The 95.3-acre lot was acquired in the summer of 2022.
The site includes the former Dutch Springs, a 57.1-acre quarry lake that was previously operated as a scuba diving training facility and an aqua adventure park. After the sale of the land and the closure of the lake was announced, the scuba diving community expressed concern for the future of the lake. In response to the feedback from the local community, Clarion and TCC took an active approach to keep the lake accessible for scuba diving, working with the local municipalities and, eventually, private parties that were interested in keeping the lake operational. After speaking to a few groups from the Northeast United States, Clarion and TCC donated the parcel of land where the lake was located to D.I.V.E LLC, a Lehigh Valley-based scuba diving company that was selected to operate the lake, which would be renamed Lake Hydra.
Clarion was pleased to have worked with TCC in creating a mutually beneficial solution for the parties involved, allowing for Lake Hydra to be utilized for recreational divers and first responders as a water safety/emergency services training facility, with a planned reopening in 2024.
"D.I.V.E. LLC would like to commend TCC and Clarion Partners for their forward thinking and generosity in their donation of the lake. Without their team's support and understanding, scuba diving in our community would have been lost. It was a pleasure to work with developers who invest back into the communities in which they operate," said Ken Kraft and Jim Folk of D.I.V.E.
"TCC and Clarion were pleased to have worked with the community and with Ken and Jim from D.I.V.E LLC to donate a parcel of land in order to keep the quarry lake open for divers. We wish their business great success and look forward to our continued partnership and the development of the Lehigh Valley Trade Center III," said Matt Nunn, Principal at Trammell Crow Company.
LVTC III marks the next phase of development at the Lehigh Valley Trade Center industrial park. The park is strategically located in the heart of the Lehigh Valley, providing easy access to major Northeast metropolitan areas via I-78 and major U.S. parcel carrier facilities.