ENDICOTT, N.Y. — Atlas James Construction & Fabrication recently announced it will build a $30 million, 150-unit luxury apartment complex near the intersection of Odell Avenue and Watson Boulevard in Endicott. Atlas James Construction owner Stephen Donnelly says his Vestal–based firm is in the final stages of negotiating the parcel acquisition from Phoenix Investors, LLC, […]
ENDICOTT, N.Y. — Atlas James Construction & Fabrication recently announced it will build a $30 million, 150-unit luxury apartment complex near the intersection of Odell Avenue and Watson Boulevard in Endicott.
Atlas James Construction owner Stephen Donnelly says his Vestal–based firm is in the final stages of negotiating the parcel acquisition from Phoenix Investors, LLC, with hopes to break ground on the project in May. He is also working with the Village of Endicott and Town of Union for necessary approvals and will receive a 10-year PILOT (payment in lieu of taxes) agreement from The Agency - Broome County IDA/LDC
The demand for housing is only growing, he says, especially since Imperium 3 New York announced it plans to add about 1,200 jobs to Endicott’s nearby Huron Campus by 2028. Couple that with the recent announcements in support of turning the Southern Tier into a battery-technology-innovation hub, Donnelly says the need for housing, especially housing that caters to working professionals, is acute.
“If we’re going to make Endicott ... a mecca for battery manufacturing, we have to make sure we have the infrastructure in place,” he says.
Consumers, especially after COVID-19, are looking for places to live that offer convenience, comfort, and for many, the ability to work from home, he notes. That’s why Serenity Tower will offer a business center, study areas, a daycare center, coffee bar, game room, 24-hour fitness center, and on-site security along with its one-, two-, or three-bedroom apartments.
The apartments will all feature energy-efficient appliances, in-unit washers and dryers, and underground parking for all residents.
Donnelly’s hope is that Serenity Tower offers up what professionals moving here from areas like the Silicon Valley or big cities are seeking. In addition, having such luxury housing available can help companies recruit that new talent.
Funding for the project comes from $10 million in private investments by Atlas James Construction & Fabrication and several private partners and $20 million in financing through M&T Bank. Atlas James Construction, with a 55 percent share, is majority owner of Serenity Tower.
Interest in the apartments has been great, Donnelly says, with most units already under pre-lease. His plan is for all of the units to be pre-leased before the building opens. He expects that opening to happen, at the earliest, at the end of 2024, but more likely toward the end of the first quarter of 2025.
“We’re excited about it,” Donnelly says.
Atlas James Construction & Fabrication will spearhead the project and partner with LeChase Construction Services, LLC, which has an office in Binghamton, on project management.
Founded in 2022, Atlas James Construction provides residential and commercial construction, general contracting, natural-stone countertops, and construction management.