JOHNSON CITY, N.Y. — The board of directors of the Agency has voted to approve financing incentives for the Century Sunrise redevelopment project in Johnson City.
Directors approved the project inducements by a 7-2 vote, according to an Agency news release.
The Agency is the rebranded name of the Broome County Industrial Development Agency (IDA). Its board of directors oversees both the IDA and the Broome County Local Development Corporation (LDC).
The Broome County IDA will provide a 30-year payment in lieu of taxes (or PILOT) agreement to assist the project.
Larry Regan of Regan Development Corp. in Westchester County plans to redevelop two vacant, multi-story industrial buildings, which were part of the Endicott-Johnson Corporation industrial complex.
The Century Sunrise redevelopment project, located at 135-139 Baldwin St. in the village of Johnson City, is a mixed-income, mixed-use redevelopment project.
It includes 104 residential units ranging from one- to three-bedroom apartments and a 3,500-square-foot, multi-level restaurant with garden space.
The total estimated project cost is about $29 million, the Agency said.
Regan Development will finance the project using federal and state housing tax credits, historic tax credits, and CDBG disaster-relief funds. CDBG is short for community development block grant program.
The Southern Tier regional economic-development council also awarded Regan Development about $1.3 million in the most recent round of funding, the Agency said.
“This is a tremendous project for Johnson City,” Kevin McLaughlin, executive director of the Agency, contended in the release. “This development will be part of the significant transformation going on in the village. We’re thrilled to be part of such an innovative project”
Regan Development will be responsible for overseeing all aspects of the development and operation of the project. The firm is a family-run business that has developed more than $384 million in residential and commercial real estate and affordable housing developments throughout New York, New Jersey, and Connecticut, according to the release.
Contact Reinhardt at ereinhardt@cnybj.com