Development of Vacant Property Will Support Downtown Revitalization Efforts
Investment Supported by “Southern Tier Soaring” – The Region’s Successful Blueprint to Grow the Economy and Create New Opportunities
Governor Andrew M. Cuomo today announced that Newman Development Group, LLC has broken ground on a 170,000-square-foot, mixed-use development project in downtown Binghamton. The multi-million dollar project will include commercial and retail space and will also feature market-rate rental housing options at the site, located at 50 Front Street. The project is adjacent to the Chenango River, across from Binghamton University’s new downtown campus. To make way for the project, the developer demolished the former Sheraton Hotel, which had had been sitting vacant on the site.
"This critical investment will help create a new anchor for downtown Binghamton, supporting growth and helping to spur additional economic activity,” Governor Cuomo said. “With the groundbreaking of this new project, we are laying the foundation for a stronger, more prosperous future for the entire region as the Southern Tier continues to soar.”
In order to encourage Newman Development Group to proceed with the project, Empire State Development is providing up to $3 million through a capital development grant. The total project cost is more than $28.3 million and is expected to be completed in December of 2018.
Through new construction, redevelopment and adaptive reuse, Newman Development Group has established multiple commercial, industrial and mixed-use projects serving a variety of clients aimed at creating successful projects that further communities’ economic and social development. A premium quality, diversified real estate company with more than 40 years of successful operations, NDG has emerged as a national leader in real estate development with offices in New York, Pennsylvania and California.
Past NDG projects include, Twin River Commons, a premium student apartment development that opened in July 2012. The development is located within the primary business district of the City of Binghamton, adjacent to Binghamton University’s Downtown Center and about three miles from the main campus in Vestal. TRC is privately developed and owned by NDG Student Living™; this property was also designed to fulfill the community's need to draw more students into downtown, support the University’s nearby investment in the City, and revitalize a blighted, environmentally distressed and archeologically sensitive site.
Newman Development Group Managing Member Marc Newman said, “This project is a perfect example of a private and public partnership working together to redevelop a blighted urban site. It’s with great pleasure and pride NDG is proud to call Greater Binghamton home.”
Empire State Development President, CEO & Commissioner Howard Zemsky said, “Reinvigorating downtown Binghamton is a key part of the Southern Tier Soaring regional economic development plan. This project will help breathe new life into downtown, which will attract residents and businesses as the region works to rebuild underserved neighborhoods.”
Southern Tier Regional Economic Development Council Co-Chairs Tom Tranter, President & CEO of Corning Enterprises and Harvey Stenger, President of Binghamton University said, “The STREDC is proud to support this exciting investment as part of the Southern Tier Soaring effort which is working to revitalize downtowns across the region. Development projects like this one are crucial to the region’s success and to its future. Thanks to Governor Cuomo’s commitment to generating economic growth Upstate, the Southern Tier continues to move in the right direction.”
Senator Fred Akshar said, "We're so lucky to have community partners at all levels working together to turn eyesores into opportunities in Downtown Binghamton. Empire State Development, Newman Development Group, the Broome County Land Bank, The Agency, and others have done an amazing job contributing to this project and making substantial, transformative investments in our future. These kind of partnerships are so important on our path to a more vibrate, thriving community."
State Assemblywoman Donna Lupardo said,“This project checks off two important boxes that are part of our region’s continued economic redevelopment. It eliminates a big eyesore in the heart of our community while providing market-rate housing and commercial space. I’m glad that everyone involved came together to move this project ahead. Its completion will really improve the neighborhood."
Broome County Executive Jason Garnar said,“The improvements made to 50 front St. are not only going to eliminate blight from our community, they are going to go a long way to create nice housing for the people of Broome County. Thanks to the Newman Development Group for the excellent work they are doing.”
Broome County Legislature Chairman Daniel J. Reynolds said, "Thank you to Marc Newman and Newman Development Group for their continued commitment to Broome County. This project is a great example of the County, City and State working together with the private sector to bring blighted properties back to life."
Binghamton Mayor Richard David said, “This stretch of Front Street will no longer be defined by a towering, deteriorating eyesore. Instead, with this project, a new multimillion-dollar mixed-use development will fortify the neighborhood and act as a catalyst for revitalization on this side of the river. The City as a whole will benefit as another property returns to the tax rolls, more market-rate housing becomes available and more residents and businesses are drawn to the area.”
The Agency Executive Director Kevin McLaughlin said, “The Agency is very proud to support this exciting project. This project will go a long way to attract new business development opportunities and talented professionals to our area.”
Broome County Land Bank Executive Director Margaret Scarinzi said, “This is an exciting day for the Broome County Land Bank. For three years, we’ve worked with our partners Newman Development Group, Broome County, City of Binghamton, Empire State Development and The Agency to help bring this project to fruition," We are thrilled to celebrate the start of this long-awaited project and are excited about the positive impact it will have on the Westside of Binghamton."
For more information about Newman Development Group, LLC click here.
Accelerating Southern Tier Soaring
Today's announcement complements “Southern Tier Soaring,” the region’s comprehensive blueprint to generate robust economic growth and community development. The State has already invested more than $3.1 billion in the region since 2012 to lay for groundwork for the plan – attracting a talented workforce, growing business and driving innovation. Today, unemployment is down to the lowest levels since before the Great Recession; personal and corporate income taxes are down; and businesses are choosing places like Binghamton, Johnson City and Corning as a destination in which to grow and invest. Now, the region is accelerating Southern Tier Soaring with a $500 million State investment through the Upstate Revitalization Initiative, announced by Governor Cuomo in December 2015. The State’s $500 million investment will incentivize private business to invest well over $2.5 billion – and the region’s plan, as submitted, projects up to 10,200 new jobs. More information is available here.