$30 Million Redevelopment Planned for Victory Building in Johnson City
A Syracuse developer has plans to turn a century-old Johnson City factory into a residential and commercial complex.
Matthew Paulus says 108 market-rate apartments would be located in the massive Victory Building at 59 Lester Avenue.
Paulus says his proposed $30 million project also would make available 7,500 square feet of commercial space. The complex would include indoor parking and modern amenities.
The developer says he hopes construction could get underway next fall. He expects the complex would be ready to open in early 2023.
Paulus projects more than 100 construction jobs would be created by the redevelopment work.
An environmental review is underway to determine what cleanup work may be needed before construction can begin at the site.
Paulus says the planned rehabilitation of the Victory Building will "create a new beginning" for an iconic "anchor asset." He says the project will support the work being done in the village by Binghamton University and United Health Services.
The Lester Avenue site was purchased for $1.6 million last March. Another developer's plan for a senior housing facility in the building fell through.
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