The Morning Call from Allentown, Pennsylvania • 4

I THE MORNING CALL A4 SUNDAY, OCTOBER 17, 2004 REDEVELOPMENT CHALLENGE ymmmsPi 1 jlli THE DUMBO PROJECT can be seen to Manhattan and Brooklyn bridges. the right of the Manhattan Bridge. The developers took a group of aging factories and transformed them i nil EE DE into trendy lofts, offices and shops with town. They are eager to find a partner to build a lifestyle center, a development of upscale shops and restaurants. Other developers have their eyes on sites in the Lehigh Valley for lifestyle centers, giving the Beth-Works group a sense of urgency.

"Part of the issue that we will have is timing," Gosin said. "We've got to do this quickly." The grind of Harrisburg political machinery may not allow BethWorks Now to reach all of its goals quickly, however. The state already is behind its own timeline for appointing a full Gaming Board. Eventually, the board will have to find office space, hire staff and develop regulations which has to happen soon if it is to have any chance of meeting Rendell's timetable of issuing the first slots license by December 2005. As with other projects such as the DUMBO venture, the developers would not necessarily be the ones to do the work.

Jed Walentas, son of the DUMBO redeveloper, said his father was the visionary behind DUMBO, but Gural in particular helped keep things together, especially during the New York real estate market's lean years. "Jeff gave us some financial and political stability that we didn't have, especially when times IS' msmm 4 cal detail, said Peter Garabedi-an, chief operating officer of Holtzbrinck Publishers, which leases most of the office space in the building. Garabedian said the owners are putting millions of dollars in renovations into the building, including refinishing the exterior stonework and adding new windows and bathrooms. And since the building is a historic structure, even details such as the windows down to the color of the paint have to pass muster with a city historical review commission. Holtzbrinck recently signed a 15-year lease for the building.

That, Garabedian said, reflects on the effort and expense that the owners put into the Flatiron. Speaking of Gural, with whom he negotiated the lease, Garabedian said, "I can't emphasize enough how thrilling he finds it to own a landmark. He wants it to reflect on him." Working with partners The steel property owners say the industrial nature of the tract makes preserving as much as they can a no-brain-er. "The historical context makes it so spectacular," said Fischbein. Fischbein said the group also was attracted to the "unique" idea of being able to redevelop a large site in the middle of an urban down PARTNERS FROM PAGE A3 Developer Timing is part of the issue been favorably impressed by the new owners.

"Their comments about interest in preservation of the project have been very supportive," Donches said. "And have been very supportive of the National Museum of Industrial History." Donches said the group needs time to complete its assessment of the property before anyone can judge if those good intentions come to pass. Another property owned by an investment group led by Gural, Gosin and Kuhn suggests that preservationists have reason to hope. It is New York's famed Flatiron Building, regarded as one of the city's most recognizable and beloved structures. Built in 1902 by famed architect Daniel Burnham, the Beaux Arts-style building was under consideration to be converted into apartments, Gural said.

But after rejecting the proposal, the Flatiron has undergone considerable renovation with attention to histori niJ i 3 Iff Ed Landrock The Morning Call views of downtown and the iconic were bad," Walentas said. Today, he said, nearly 3 million square feet of dying factory space has been converted into highly successful office, retail and housing space in DUMBO. Walentas, who was unfamiliar with the Bethlehem Works project, warned that success in one real estate market is not a predictor of success in another. But, he added, the Newmark principals are good at what they do and would likely bring in a team with well-rounded expertise. "We're very happy to joint-venture with people," Gosin said, adding that they would likely hire other developers to oversee construction of the lifestyle center and gaming facilities.

The redevelopment of the Steel General Office building would likely stay in their hands, Gosin said, because that kind of work is "really in our sweet spot." As with DUMBO, Gosin said the developers are in Bethlehem for the long haul. "We're long-term investors," he said. "We're not short-term guys. We don't buy and then flip." Added Kuhn: "We put our money up. We closed with cash on the property, and nobody has promised us a thing yet." timothy.darraghmcall.com 610-778-2259 CD Cancer Institute www.lvh.org jf bra Ed Landrock The Morning Call THE FLATIRON BUILDING is regarded as one of New York City's most recognizable and beloved structures.

It has undergone considerable renovation, with attention to historical detail, at the hands of an investment group led by Gural, Gosin and Kuhn. BB(l0lILI7llEflM "People facing cancer need more than my surgical skills they need my emotional support, too. Patients may not always be aware that there are options in cancer surgery. When we discuss these options, I have the opportunity to get to know that patient. In this way, we can be sure that we are choosing, from among the proven a treatment options, the Aaron D.

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