As head of the well-established real estate investment firm Herrick Company, Inc., Norton Herrick has put together successful net-lease transactions throughout the United States. In addition to multifamily rental properties, Norton Herrick’s firm owns and manages diverse office, commercial, and industrial projects.
In late 2013, Pennsylvania Governor Tom Corbett announced the selection of Bethlehem as one of two municipalities that would be designated a City Revitalization and Improvement Zone (CRIZ). The 130-acre zone is expected to generate as much as $400 million in development in the medium term and create more than 3,140 construction positions and 4,000 permanent jobs.
One of the highest-profile projects for the Bethlehem CRIZ is the $175-million proposed redevelopment of Martin Tower. The former Bethlehem Steel headquarters, co-owned by Mr. Herrick, sits on 53 acres and has remained vacant for the past seven years. The CRIZ designation would provide the incentive to tackle major redevelopment challenges, including dealing with a unique cruciform shape, the elimination of asbestos, and the installation of sprinklers.
Philanthropically involved in the community, Norton Herrick supports nonprofit organizations such as the Make-A-Wish Foundation.