The project will include 38 apartments and first-floor offices. Signed tenants include Warren Real Estate and the Park Foundation, according to the Binghamton–based Newman Development Group, a co-developer of the property.
Newman has additional offices in Philadelphia and San Francisco and many of its partners are alumni of Cornell University and Ithaca College.
“We wanted to do something significant that would have a positive impact on the city,” Newman Development Managing Member Marc Newman said in a news release. “And I believe that we’ve done that with an exceptional new project within the downtown business district. Revitalizing our cities needs to be done building by building and block by block.
“And here we’re transforming a blighted and obsolete property into a beautiful and dynamic building that will be a great place for people to live and work downtown.”
The building will include a private health club, roof terrace, under‐building parking, bicycle storage, and storage rooms.
Plans for the development began more than three years ago. Work will wrap up by fall of next year, according to Newman.
Funding for the project includes a New Markets Tax Credits allocation from the National Development Council with additional financing from M&T Bank, Tompkins Trust Co., and PNC Bank. HOLT Architects is the development’s designer and Northeast United Corp., part of Newman Development Group, will handle construction.
Contact Tampone at ktampone@cnybj.com
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