The Broome County Industrial Development Agency has approved a tax break package for a downtown Binghamton student housing project.

Bob Joseph/WNBF News

One Wall Street Associates of New York City is converting the building that once housed The Fair Store into 48 apartments.

The IDA has authorized a payment-in-lieu-of-taxes plan that provides nearly $2 million in tax breaks over the next decade for the Chenango Place complex.

Developer Ron Kutas says work on the project at 7 Court Street is more than half completed. He says the project is "a little bit ahead of schedule."

Kutas says the complex will be able to house 176 students. He says they'll be ready for occupancy on August 20.

Kutas says parking for the residents will be "more than sufficient." He says spaces will be leased at the city-owned Water Street parking garage.