$4 million downtown project heads toward approval

Plans are in place for the fall groundbreaking of a medium-rise multipurpose building at a vacant lot at 72 Court St. in downtown Binghamton.

The plans for project were announced Tuesday by Mayor Richard David and Mark Yonaty, of M.B. Yonaty Development.

"This is another step in diversifying our downtown housing stock, moving away from student housing toward market-rate developments," David said in a statement. "More people living downtown year-round will support existing local businesses and attract new ones.”

The $4 million, five-story building will feature two commercial tenants on the ground level and 16 residential units on the upper floors.

Officials said the residential building will be designated for non-student housing, targeting groups such as young professionals, empty-nesters and medical personnel.

M.B. Yonaty Development submitted a site plan approval application for the next meeting of the city’s Planning Commission, scheduled for July 10, and review by the Commission on Architecture and Urban Design, scheduled for July 26.

The firm also has applied for a payment in lieu of taxes (PILOT) agreement with The Agency, Broome County's industrial development agency. An ordinance to approve the sale of city property, set at $75,000, will come before the city council’s July 10 work session.

Yonaty's past projects include the revitalization of the Lackawanna Train Station at 45 Lewis St., the mixed-use housing project at 201 State St., and the U.S. Department of Veterans Affairs health clinic at 203 Court St.

The city secured a $500,000 grant for the project from Empire State Development as part of the Regional Economic Development Council program in 2014.

The property is the former location of the seven-story Ross/O'Neil building, demolished in 2008 after being deemed structurally unsound. A green space, built in its place, was the site of Occupy Binghamton protests in 2011. Protesters were evicted in 2012.

The city council unanimously approved an ordinance allowing public use on the parcel in 2012, allowing for it to be used for future redevelopment and for the parcel to return to the tax rolls.

"This is another step in diversifying our downtown housing stock, moving away from student housing toward market-rate developments," David said.

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