The New York Times covers an Allentown development project led by J.B. Reilly ’83. The $340 million development includes

More than 600,000 square feet of office and retail space is being built in the long-depressed center of this city, spurred by an unusual state-sanctioned project that permits revenues from tenants’ tax bills to be used to pay down some of the debt incurred during construction.

A five-block area of downtown characterized by dollar stores and low-budget pizzerias — signs of the decades-old decline in manufacturing and urban flight — is undergoing revival efforts that include plans for a hockey arena and a hotel.

The development leverages a tax program known as the Neighborhood Improvement Zone.

The strength of the improvement zone model is that it depends on the developer’s ability to attract revenue-generating tenants and is not based on state handouts, Mr. Reilly said. “They are pledging the tax revenues related to the developer’s project to the developer’s lender,” he said. “It’s really market driven. If the developer can’t attract tenants, then the developer’s going to be on the hook for repaying the loan.”

Read the full article here. Congratulations J.B.!

The New York Law Journal recently reported Brother McCurdy ’82 was elected chair of the law firm Kelley Drye & Warren:

Kelley Drye & Warren has announced the election of Paul McCurdy as firm chair, succeeding John M. Callagy, who has been in the role since 1992. James J. Kirk, a partner in the real estate practice group, will continue to serve as managing partner, a role he has held since 2004. Mr. McCurdy, 51, said that among his goals as chair will be to create an environment for partners to become more engaged in firm governance; to continue to recruit high-quality lateral partners; and to build on Kelley Drye’s culture of “collegiality, inclusiveness, diversity, transparency, community service and pro bono.”

The Am Law Daily has more detailed information on Brother McCurdy’s background, the firm, and the selection process including:

The firm brought in consultants Dominick Volini and Bob Rosen from Healthy Companies International, a consulting firm McCurdy says a client recommended, to lead a thorough review of Kelley Drye’s governance structure. That review is not yet complete, says McCurdy, adding that his first goals as chair will be to successfully adopt new policies to shape the firm based on the feedback the consultants and firm leaders have gathered via their extensive interviews with the partnership.

Please join us in wishing Paul well in his new role of firm chair at Kelley Drye. Paul previously served as the President of the Rho House Association and President of the Lafayette College Alumni Association. He currently serves as a trustee of Lafayette College.

A recent Mercury News article discussing the benefits of college education included a brief interview with Rho Deke Ed Hollshwander ’76 regarding his experience at Lafayette College:

Ed Hollshwandner, owner of Document Systems Inc. in Walnut Creek, had a similar experience. Also valedictorian of his class, Hollshwandner, 55, had the opportunity to attend a major university, but instead chose Lafayette College in Pennsylvania. “That was a great college to go to because I really had no idea what I wanted to do when I got there. I could explore many interests that I probably could not have had I attended a bigger college.”

Thank you to Lafayette AISB Co-Chair Bill Messick ’68 from DU for forwarding this article.

One of our fellow Dekes, David Markowitz ’93, was recently featured in a WSJ Law Blog entry following his recent career move to Goldman Sachs.

At Goldman he will be a senior member of the litigation and regulatory proceedings group, which works on a broad variety of matters, said a spokesman for Goldman. “We are pleased that Mr. Markowitz is joining the company,” he said.

Markowitz served as the head of the investor protection bureau for New York Attorney General Andrew Cuomo, a powerful unit that launched probes and brought cases on Wall Street’s actions in the auction-rate securities market, the credit default swap market, the subprime mortgage market, and executive compensation during the height of the financial crisis.

Thank you to Lafayette AISB Co-Chair Bill Messick ’68 from DU for forwarding this article.