Project to Save Historic 1 North Depot Property, Create Modern Affordable Housing Headed to City's Planning Commission

$31M, 50-Unit Affordable Housing Project Planned Near Downtown

(BINGHAMTON, N.Y.)—Binghamton Mayor Jared M. Kraham on Thursday joined Broome County Executive Jason T. Garnar and Regan Development Corporation to announce plans for a $31 million project to preserve the historic building at 1 North Depot St. and create 50 units of affordable housing.

Mayor Jared M. Kraham said: "This investment at 1 North Depot represents two critical goals for Binghamton's future—preserving our City's historic character while building the housing our community needs. By bringing this long-vacant historic building back to life, we're strengthening affordable housing opportunities and reaffirming that Binghamton is a place to build."

Broome County Executive Jason T. Garnar said: "Restoring this landmark and turning it into affordable, energy-efficient housing is a big win for our community. We're preserving the past while meeting the needs of today. Thank you to Mayor Kraham, Regan Development, and our state partners for supporting this project forward."

Regan Development Corporation President Larry Regan said: "Regan Development looks forward to working with the City of Binghamton and Broome County in assisting to revitalize this historic asset and continuing the trend of revitalizing downtown Binghamton towards 24/7 live-work neighborhood district with new state of the art rental housing." Regan Development Corporation, of Ardsley, New York, plans to fully rehabilitate the vacant five-story building at 1 North Depot St., preserving the structure’s historic facade while converting it into a fully modern, energy-efficient residential community.

Regan Development Corporation is the developer for two affordable housing projects in Johnson City — Century Sunrise and Homesteads on Grand.

The project at 1 North Depot St. will create 50 one- and two-bedroom units for households earning up to 80 percent of the Area Median Income (AMI).

Upgrades will include new electrical, plumbing and all-electric HVAC systems, along with advanced energy-efficiency upgrades, like high-performance insulation and windows, all-electric systems and appliances.

The project has been accepted into the New York State Department of Environmental Conservation’s Brownfield Cleanup Program, with environmental remediation activities
planned to address historic contamination, achieve compliance with state cleanup standards and ensure the property can be safely reused for residential purposes.

The project is applying for funding through New York State Homes and Community Renewal (NYSHCR).

The property, which was built in 1872, sits in Binghamton's Railroad Historic District — a National Register Historic District.

The project is on the City of Binghamton Planning Commission’s agenda for Wednesday, Nov. 5. Construction is expected to begin by next summer.