A new $69 million investment in Binghampton looks to bring more people and more growth to this historic neighborhood. Link Apartments has plans to redevelop the site of a 75-year-old warehouse on Broad Avenue as a new residential living space.
EDGE provided a 15-year Residential PILOT to aid in the redevelopment.
The existing buildings on the site are largely vacant, in poor condition, and will need to be demolished. The new design will complement the style and scale of the storefronts across the street and ensure that the view of the mural-covered water tower will not be blocked. Link Apartments has also committed to reserving 20% of the project, or 70 units, for low to moderate-income residents.
The 350-unit residential development in the shadow of Broad Avenue’s iconic water tower will have a significant and positive impact on this area’s continued growth.
“This is a prime area for a project like this. It is just steps from Overton Park and takes advantage of the new Save-A-Lot and Hampline bike and pedestrian trail,” said EDGE President and CEO, Reid Dulberger. “There’s also no doubt the hundreds of new residents this development will bring to the area will frequent and support the many businesses that call Broad Avenue home.”
This development is a new iteration of a previous project. EDGE approved a project at this location in June of 2018, but the substantial changes in project partners, size, design, and scope determined that a new application needed to be submitted.
Today, this property produces just $32,601 per year in property taxes. This is estimated to increase to $427,834 per year during the term of the PILOT agreement and to more than $1.6 million annually after the PILOT ends.