Bethlehem, 3 February 2021 – DLP Real Estate Capital has partnered with local developer Monocacy General Contracting, to bring new life to Boyd Theatre, a former icon in downtown Bethlehem.
The companies recently closed on the acquisition of the former movie theater and plan to turn the property into a 14-story apartment building with a rooftop restaurant and underground parking garage. Additional amenities will include a pool, fitness center, and private movie theater for residents. The ground floor will have additional commercial space for retail.
Portner & Hetke has been selected as the architect on the project with anticipated construction to begin in the next 3 to 5 months and completion projected in Q3 of 2022. Once complete, DLP Real Estate Management will manage the property, while DLP Realty will market and lease up the units. The construction project is financed by DLP Lending.
Rocco Ayvazov, CEO of Monocacy commented, “Our team will breathe back life into a once bustling part of downtown Bethlehem. We’ll incorporate elements of the old theater, including the original Boyd sign, into the new development. Imagine modern luxury with a dash of nostalgia.”
Don Wenner, DLP Real Estate Capital Founder and CEO, commented, “We are excited to partner once again with Rocco on this major undertaking. The Boyd Theater had been a staple to the city of Bethlehem for so many years, but unfortunately sat vacant and unlivable for a long time. We look forward to welcoming individuals and families to their new apartment homes in addition to an increase in businesses and commerce downtown.”