Ashley Development Corporation

About Ashley Development Corporation

Ashley Development Corporation is a real estate operator headquartered in Bethlehem, PA. Ashley Development Corporation operates in Allentown-Bethlehem-Easton, Pennsylvania-New Jersey. Its investment focus is on Affordable Housing, Condominiums and Historic Tax Credits.

Ashley Development Corporation is a real estate investment and development firm founded in 1989. Headquartered at 559 Main Street in Bethlehem, Pennsylvania, the company has completed 37 years of continuous operations. It functions as a privately held, regional development platform under the executive leadership of founder and President Lou Pektor and Vice President Chris Pektor. The enterprise targets both the residential and commercial real estate sectors, with a core specialization in complex urban revitalization, historical rehabilitation, and adaptive reuse projects. Its geographical pipeline focuses heavily on the Lehigh Valley region of Pennsylvania, incorporating localized municipal joint ventures and leveraged public financing strategies like Local Economic Revitalization Tax Assistance (LERTA) abatements. The firm's commercial and institutional portfolio features class "A" corporate office spaces, retail centers, healthcare facilities, and municipal infrastructure. Notable regional projects include the development of the Easton Police Department station and the 60,000-square-foot Liberty Center in downtown Bethlehem. On the hospitality and adaptive reuse side, the firm famously executed the $45 million historical transformation of the former Bethlehem Steel Johnson Machinery Shop into Riverport, a 4.5-acre mixed-use complex containing 171 condominium units, a 500-seat restaurant, and an upscale fitness venue. On the residential side, the firm's track record encompasses single-family home developments, townhomes, condominiums, and luxury multi-family communities totaling over $200 million in value. Recent transaction history includes the $35.6 million portfolio sale of Sullivan Parke, a four-building, 102-unit luxury apartment complex in Easton, executed via a joint venture with Black Bear Asset Management. Additional active joint-venture developments include Polk on Third, a $13 million office-to-mixed-use conversion delivering 52 residential units, and 404 Mechanic Street, a $20 million mixed-use construction project adding 80 residential units and 7,695 square feet of commercial space to the Bethlehem pipeline.