Allentown is the largest of the Lehigh Valley’s three cities, and it is in the middle of a long, visible comeback. A 2012 state tax program, the Neighborhood Improvement Zone (NIZ), reset the math on downtown development, and the change shows up in new offices, new homes, and new reasons to spend a day downtown. The Waterfront sits at the western edge of that story, on the Lehigh River.
The economic turn is real and measurable. When the NIZ was created in 2012, Allentown’s unemployment rate was 8.3 percent; by late 2024 it had fallen to 3.6 percent. The Lehigh Valley is home to two Fortune 500 companies, its regional output reached roughly $56 billion in 2023, and Site Selection magazine ranked it the top mid-sized market in the country for economic development.
The downtown core sets the pace. Around 7th and Hamilton, you will find the PPL Center arena, Vault 634 event venue, and a deep bench of locally owned restaurants and shops. Head west toward the river, and the texture changes: The Waterfront opens up with offices, homes, retail, dining, and the River Walk along the water.
Jobs followed the buildings. As Class A office space came online in the NIZ, employers brought roles downtown, and the district at The Waterfront offers riverfront addresses with quick access to the rest of the city. Work, in other words, moved back to the center.
Dining is catching up fast. Nowa, a Mediterranean-American restaurant led by Chef Tyler Baxter, is opening at The Waterfront with river views from nearly every seat. It joins a downtown scene that already runs from neighborhood mainstays to chef-driven kitchens, so a night out has range.
There is always something on the calendar. Vault 634 hosts candlelight concerts, larger venues book touring acts, and smaller community events, supper clubs, markets, and bar crawls, fill in the rest, most of them a quick search away on Discover Lehigh Valley or the usual ticketing platforms.
Here is the part developers care about, and renters benefit from. The NIZ is a special taxing district covering 127 acres in the center city of Allentown and along the western bank of the Lehigh River, authorized through 2042. It redirects certain state and local taxes generated within the zone toward financing development there, which is a major reason a former steel site can deliver Class A construction at a competitive cost.
That structure is why Allentown earns the “rising” label. The program has helped pull more than $1 billion in new investment into downtown, and the housing, offices, and street life have grown with it. The Waterfront is one of the clearest expressions of that growth, right on the river.
Come see the district for yourself. Walk the River Walk and tour River House. Schedule a visit.