Winter Start Possible for Binghamton Building
Ground may be broken for a multi-story retail and residential building in the heart of downtown Binghamton within the next several months.
Developer Mark Yonaty on Friday said planning for the project on the southeast corner of Court and State streets is moving forward.
Speaking on WNBF Radio's Binghamton Now program, Yonaty said the building he envisions for the site would be at least five stories - and possibly up to seven stories - tall.
The contract to purchase the city-owned parcel for $75,000 was signed recently.
Yonaty said there would be two retail spaces on the ground floor and apartments on the upper floors.
The developer said a "local entity" has expressed a "high level of interest" in one of the retail spaces. He declined to identify that business.
Yonaty said the project plans will have to receive various approvals. He predicted groundbreaking could occur in late winter or early spring with construction taking nine to twelve months.
A $500,000 state grant is to be used to help finance the project.
Yonaty said he will apply for a payment-in-lieu-of-taxes agreement for the project.
The developer said the city's downtown district will benefit from the project because of the building's retail businesses and up to 20 people who will be residing in its "upscale" apartments.
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