BETHLEHEM, Pa. - The weather wasn't going to stop Palmen "Rocco" Ayvazov and Don Wenner from breaking ground on their $55 million replacement for the Boyd Theater.
"This has been an iconic location here in the Valley for so many years," Wenner said. "It's really been in disrepair, as Rocco said earlier, for more than a decade now, and really a tremendous need for reinvestment. Not only acquiring the Boyd Theater, but acquiring multiple properties next door to it as well."
"We live in such a good city, there no reason something like that should sit empty for so long," Ayvazov said.
Ayvazov has been working with Wenner, owner of DLP Capital, on a variety of projects for about eight years now.
"Since then, we've done hundreds of deals from giant sinkholes, to structural problems, to heavy renovations all over the Valley," Wenner said. "Over the last couple of years, we started coming across really exciting, bigger opportunities like this, and expanding into really changing entire cities, city blocks. It's been a heck of a journey."
New renderings on display Tuesday show quite a different look than originally proposed. The building is down to six stories from 13, with a black and brick facade. It's comprised of more than 200 apartment units, 10 Airbnb rooms, and about 23,000 square feet of amenities.
"After we did the numbers, it wasn't buildable," Ayvazov said about the original plans. "We're trying to blend the new building with the property so it fits naturally."
There are also two storefronts on Broad Street, which have yet to be leased out.
"So, it can really start bringing people up, and bring more foot traffic for the city," Ayvazov said.
They expect the project to be completed in 18 months, with leasing starting in about a year.
