Mayor Eddie Morán and Alan Shuman of Shuman Development Group announced Thursday a major milestone for downtown Reading with the signing of a letter of intent (LOI) to redevelop the Fifth and Penn buildings, one of the city’s most prominent intersections. The signing announcement took place at a press conference outside the former 5th and Penn Bank building.
The buildings at 431 and 433 Penn Street had been vacant for over 20 years, with the City acquiring the property in 2013. Last year, the City took necessary steps to reset the site through emergency demolition, allowing redevelopment to move forward safely and responsibly.
“This corner has waited far too long for investment,” said Mayor Morán. “Today marks a turning point for Fifth and Penn and for downtown Reading. This project will add new residents downtown, activate street-level retail, and preserve the character and history of this corridor while moving it forward. After decades of waiting, we are finally putting a plan in motion, and we are proud to do it with a committed development partner in Shuman Development Group.”
Alan Shuman announced the project will blend historic preservation with new construction, including: Restoration of two historic buildings — the former bank building and the adjacent nine-story building. Construction of a brand-new five-story building with three floors of residential units and two floors of commercial retail space. A total of 150 residential units. Approximately 53,000 square feet of retail space. An estimated project cost of $52 million.
Construction is expected to begin within the next 30 days, focusing first on stabilizing the existing structures. “This project reflects the momentum we are seeing across Reading,” added Mayor Morán. “When we invest in our downtown, we strengthen neighborhoods across the city, support local businesses, and create opportunities for long-term growth.”
Alan Shuman, President of Shuman Development Group, highlighted the company’s commitment to responsibly blending the historic elements of the buildings with modern construction to create vibrant spaces for both residents and businesses. The signing of the LOI represents a critical step in moving the project from planning to execution, signaling strong private investment and partnership with the City of Reading to revitalize one of its most important corners.
