Photo: Bob Joseph/WNBF News (file)

A Binghamton developer is preparing to move forward on a $4 million commercial and residential project at one of the busiest intersections downtown.

Mark Yonaty said he Binghamton city council next month may approve his purchase of the vacant space on the southeast corner of Court and State streets. The city plans to sell the site for $75,000.

Binghamton was awarded a $500,000 state grant for the project.

The city planning commission is expected to consider Yonaty's site plan application at its July 10 meeting. The Commission on Architecture and Urban Design is scheduled to review the proposal on July 26.

M.B. Yonaty Development is seeking approval of a payment in lieu of taxes deal with the Broome County Industrial Development Agency.

Yonaty plans to construct a five-story building with space for two commercial tenants on the street level and 16 apartments on the upper floors.

Yonaty submitted his proposal for the site to the city in April 2014.

The property has been empty for nearly a decade since the Ross and O'Neil buildings were demolished because they posed a safety hazard.

Mark Yonaty will discuss the Court Street project on WNBF Radio's Binghamton Now program Wednesday morning at 9:30.

The property on the southeast corner of Court and State streets has been empty since 2008. (Photo: Bob Joseph/WNBF News)

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