Draft:The Commodore (Easton)

INTRO

The Commodore is a historic mixed-use development in the heart of Easton, PA’s vibrant community. The Commodore is located along the Delaware River, a historic waterway that is cherished by many in the Northeast. The property is made up of 32 luxury rental residences, 14,000 square feet of office space and 8,000 square feet for dining. The building also has two retail spaces on the main corridor along with a well-equipped gym for tenants to use at no extra cost. Commodore tenants enjoy life in a revitalized downtown, surrounded by natural resources. They're part of a unique community that's vibrant and artistic.

HISTORY

100 Northampton was originally owned by The Kaplan Family, who supported Easton business' for over 32 years The original structure was built in 1880 and served as a chocolate factory, furniture, and liquor store. In 1946 the building was expanded to almost triple its size where it served as a department store. In the mid 1950's a flood struck down a nearby building- which was eventually added to the deed of the property and eventually acquired by Optima Durant, with financing from Easton Area Industrial Land Development Company (EAILD), on July 20th, 2018. Optima Durant planned to stay true to the original site, and turn this space to a functional, mixed-use development that offers both residential and commercial opportunities.

PLANNING

In early 2019, development sketches of the future Commodore were developed. Optima Durant knew that developing a rooftop restaurant would allow them to capitalize on the views available on their property. In 2019, The Commodore secured a $3 million RACP grant, and The Easton Planning Commission & Historic Commission voted unanimously to approve development plans for The Commodore on Northampton Street. That October, The Commodore hosted a "First Look" event with LV Chamber, where local government and business leaders expressed their support for the redevelopment plans, which were seen as a way to meet demand for new commercial and residential spaces in downtown. In January of 2020, The Commodore began planning the development phase and took out initial financing with a follow-up pre-construction loan with Centric Bank to help fund construction costs. By June, The Commodore’s initial electrical infrastructure work was completed with MetEd, and abatement work completed shortly after in August of 2020.

In March of 2021, The Commodore closed on the first CPACE loan in Northampton County, and secured a $13,000,000 construction loan from Procida Funding & Advisors to complete the development. Shortly after, on May 12, 2021, the Commodore awarded HC. Pody the contract for construction of the building.

DEVELOPMENT

On May 26th, 2021 The Commodore initiated demolition of the existing structure and broke ground two months later with the first mid-rise, ground-up construction in Easton for more than 28 years.

To honor the rich history of the building, Optima Durant Group President Garett Vassel hosted the former owners, Randi and David Kaplan of Kaplan Enterprises, and together they went through the site to collect remnants of the old structure. In late September of 2021, the first concrete pour was completed, and by December of that year steel arrived and construction was in full swing. By January of 2022 the final structural decisions about the office space was made by Garret Vassel (President, Optima Durant Group) and Terry Wallace (President, Venture X Co Working Allynus)

In February of 2022 The Commodore reaches new levels, as the 4th story of steel frame construction is completed, with a "topping off" event expected in March. The official Commodore website went live in February, accepting lease commitments on Residential, Retail, and the Rooftop Restaurant.