HANOVER TWP, LEHIGH COUNTY, Pa. - The Lehigh-Northampton Airport Authority, which owns and operates theLehigh Valley International Airport, has completed a deal for the development of land that it owns along Airport Road in Hanover Township, Lehigh County.
The deal comes after four years of negotiations.
Thomas Stoudt, executive director of the Lehigh-Northampton Airport Authority, said the deal will provide a new source of income.
“This is an opportunity to find some uses for the property that really support the economy here in the region,” he said. “It’s great that we have the ability to work in a way that is beneficial to the community, beneficial to the airport, and in the long term perspective, I think, provide some uses that are in high demand for the region.”
The seven parcel, 308-acre property had been most recently used as farmland.
While Stoudt couldn’t discuss just how much the deal was worth, the land will be leased to developer, Majestic Realty, who plans to construct an industrial park that would include space for retail, office, and light manufacturing.
“I think, where you’ll see the benefit of this will be decades into the future as the property continues to be developed,” said Stoudt.
Majestic would keep 60% of rental income, while the airport will receive 40%.
A recent report on commercial real estate by the Lehigh Valley Economic Development Corporation found this type of industrial park is in demand in the region.
