A developer has given Binghamton a slight glimmer of hope that the on-again, off-again Masonic Temple renovation is on track for at least the third time since 1990.

The project comes with a stipulation. Because of the enormous cost for redevelopment — up to an estimated $10 million — assistance from public sources will be needed to make the project viable. Questions also have been raised about the sponsor's ability to follow through on his plans.

"It's a big project," said Bob Murphy, the city's director of economic development. "It's a multimillion-dollar project. A lot of grant funding is needed to make this take off."

For a building that has been idle and decaying for nearly 30 years, even the prospect of a developer seriously interested is enough for the City of Binghamton to mount an effort to make the plan a reality. Murphy said he would explore grant options with the Southern Tier Economic Development Council or the Upstate Revitalization Initiative.

Renovations efforts at the Binghamton Masonic Temple have a troubled past. Twice before, renovations had been planned at the five-level concrete structure, and both times, they been abandoned only to have Broome County take back the property in a tax foreclosure.

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Whether the plan for the Masonic Temple will ever come to fruition could be debatable. The track record of the sponsor has been spotty. The developer, Monaco Associates, is owned by Isaac Anzaroot, a man who has several properties in Broome County, among them the Victory Building, a former Endicott Johnson factory in Johnson City. That much-heralded renovation project appears to be at a standstill. And he owns several other Broome County properties through a web of LLCs.

Despite the apparent renovation delays at the Victory building, Conan Cerratani, who is associated with Monaco Associates, expressed confidence the Masonic Temple project is feasible provided certain conditions are met; primary among those is public assistance.

"We see great growth in this area," Cerratani said.

Inside, the Masonic Temple the building has been left to rot. Significant water damage is apparent, and the building has been vandalized by trespassers. Even in a compromised state, the former Masonic Temple presents an opportunity, said the developer now eyeing the project.

"The building can be saved," Cerratani said. "It's in surprisingly good shape, in great shape."

Tentative plans call for refurbishing the theater on the first floor, and additional commercial space on the ground floor, with apartments on the upper floors.

"It's built like a fortress," Murphy said. "But it's been left to fallow for too long."

The Masonic Temple, at 64-66 Main St. in Binghamton, was the center of activity since it was built in 1922, and up to its abandonment 30 years ago. The 830-seat first-floor theater hosted the Tri-Cities Opera, ballets and other community performances. The basement featured a bowling alley. The second floor features a ballroom, banquet and billiards room, while the top floors were devoted to lodge rooms.

"it's a gem of a building," Cerretani said. "This building is in a lot of need. It's a big undertaking, but it will take more than $10 million to get it fixed and to bring it back to the art hub it used to be."

Under current plans, the upper floors could support 30 to 40 "working family" apartments, Cerratani said.

The property was acquired in June 2018 by the AJEM Group LLC for $68,000 in June 201.

Updates on the property were delivered Thursday evening at a sparsely attended public session at City Council chambers sponsored by Third District City Councilwoman Dani Crounce.

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