(BINGHAMTON, N.Y.) — Mayor Richard C. David joined Broome County Industrial Development Agency Executive Director Stacey Duncan and Walison Corp. Principal Sal Rajput at 191 Front St. on Tuesday to announce a $20 million mixed-use project that will demolish a long-vacant car dealership and create 115 market-rate housing units.
“This development will transform a 3.25-acre area of the City that has sat vacant for years on an important gateway to downtown, the First Ward and the North of Main neighborhood,” said Mayor Richard C. David. “In addition to eliminating a major eyesore, this project builds on years of investment by the City on and around the Front Street corridor and furthers our work to create safe, quality housing opportunities for people of all incomes.”
Walison Corp., a development firm based in Mount Vernon, N.Y., and Front Street Residences, LLC will construct two four-story buildings on roughly 3.25 acres of land between Front Street and Oak Street. In addition to 115 units of housing, the development will include approximately 6,000 square-feet of ground-floor commercial space on Front Street.
The development will include mostly one- and two-bedroom apartments, with the potential for some three-bedroom units, as well. Rents have not yet been finalized, but are estimated to range from $850 to $1,400. It is not student-style housing.
“We are excited to begin this project that will bring quality, aesthetic, safe and affordable rental apartments with on-site parking, open recreational areas for its residents, as well as useful commercial space, to this location with beautiful views of the river and downtown in the City of Binghamton,” said Walison Corp. Principal Sal Rajput. “Our goal is to create a thriving community at this location that the residents will be proud to call their home. We are thankful to the City of Binghamton, the Broome County IDA and New York State for their assistance in making this project possible.”
In addition to the former car dealership at 191 Front St., the project will demolish two other vacant buildings at 5 Elizabeth St. and 13 Elizabeth St. The project spans 11 parcels in total.
The City will sell 168 Oak St., the site of a recent blighted property demolition, to the developer as part of the project. The Oak Street lot will become one of two recreation areas planned for the development.
Walison Corp. is seeking financial incentives from New York State for the project and is also working with the City and Broome County Industrial Development Agency (The Agency).
“We are very excited to partner with the City of Binghamton on another exciting housing project,” said The Agency Executive Director Stacey Duncan. “Building upon the recent great news that our economy is growing, this project will provide more new and modern market-rate housing that is critical to our continued success. I look forward to working with Mayor David and all of the partners involved to move this project forward.”
The project is located in the middle of two major housing developments that have opened in recent years: the First Ward Action Council’s $8 million Front Street Gateway affordable housing project and Newman Development Group’s $30 million luxury housing project at 50 Front St.
Since Mayor David took office, the City has advanced multiple projects on and near the Front Street corridor, including the $6 million Front Street Gateway Reconstruction Project, a $3 million project to lower Front Street under two railroad overpass bridges, the $1.9 million Clinton Street Bridge Rehabilitation Project, $172,000 Front Street Paving Project and the demolition of the former Magic City Ice building at 310 Front St., costing about $37,200, and demolition of 168 Oak St. costing roughly $16,000.
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