BINGHAMTON — The $19 million Koffman Southern Tier Incubator, which seeks to promote entrepreneurship in the region, formally opened in downtown Binghamton on June 1.
Binghamton University President Harvey Stenger presided over the grand-opening ceremony at the new business incubator at 120 Hawley St.
The Koffman Southern Tier Incubator features 35,000 square feet of offices, high-tech labs, wet labs, dry labs, common areas, and co-working spaces that seek to encourage collaboration between companies, the university said in a news release.
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The incubator was built to provide a “supportive environment for entrepreneurs and startup companies. Every inch of the building has been thoughtfully designed to provide working spaces that inspire individuals and companies to create and develop transformational, innovative products and ideas,” the release stated.
New York State provided nearly $13 million in funding for the project — $7 million awarded via the Regional Economic Development Council and $6 million awarded from NYSUNY 2020 to SUNY Broome’s Bridge to Entrepreneurial Excellence program.
The remaining money to build the Koffman Incubator came from the Broome County Industrial Development Agency, the federal Economic Development Agency, and the Binghamton University Research Foundation, the university said. Broome County and the City of Binghamton provided in-kind services to the project.
“We thank Gov. Andrew Cuomo and all of our state, local and federal officials who shared this vision and worked to make this $19 million building a reality,” Stenger said.
“Additionally, the Incubator namesake, the Koffman family of Binghamton, has made a significant donation to support future programming and operations. This will ensure the building can create and maintain a healthy entrepreneurial ecosystem that will become a hotbed for startup activity, ultimately creating more companies in the Southern Tier.”
Syracuse–based Ashley McGraw Architects, D.P.C. completed the building design work. The general contractor was Fahs Construction Group, which is headquartered in the town of Binghamton.
Many “sustainable and passive strategies” were employed in the building design. The building location and exterior provide for “optimal solar orientation,” the release stated. Permeable paving was incorporated to reduce water runoff. All storm water is collected onsite and stored in a series of bio-retention ponds.
Also, the structure’s mechanical system allows the sun to warm the air before being drawn into the building, allowing it to be heated without traditional heat sources. The building is also designed to support future rooftop solar-panel arrays, the university added.
