A new $31 million project will create 50 units of affordable housing while preserving a historic Binghamton building.
At an Oct. 30 press conference, City of Binghamton Mayor Jared Kraham joined Broome County Executive Jason Garnar and representatives from Regan Development Corporation to announce the project. The building, located at 1 North Depot St. in Binghamton’s Railroad Historic District, was originally built in 1872 and is currently vacant.
“This investment at 1 North Depot represents two critical goals for Binghamton’s future — preserving our City’s historic character while building the housing our community needs,” said Kraham. “By bringing this long-vacant historic building back to life, we’re strengthening affordable housing opportunities and reaffirming that Binghamton is a place to build.”
The rehabilitation project will be completed by Regan Development Corporation of Ardsley, the same development company working on Century Sunrise and Homesteads on Grand in Johnson City. Upgrades to the building will include new electrical, plumbing and HVAC systems and upgraded energy efficiency, including new insulation, windows and electric appliances.
The project will create 50 one- and two-bedroom units for households earning up to 80 percent of the Area’s Median Income. In 2023, the median household income in Binghamton totaled $44,331.
Construction on the project is expected to begin before the summer 2026 season.
“Restoring this landmark and turning it into affordable, energy-efficient housing is a big win for our community,” said Garnar. “We’re preserving the past while meeting the needs of today.”
The project will seek to receive funding through the New York State Homes and Community Renewal program, and has been accepted into the New York State Department of Environmental Conservation’s Brownfield Cleanup Program. The cleanup program will address historic contamination and ensure the property is safe to use for residential living.
The next steps for the project include a review by the City of Binghamton Planning Commission, which will meet on Nov. 5.
This article originally appeared on Binghamton Press & Sun-Bulletin: $31M project to restore historic Binghamton building, create 50 affordable housing units
Reporting by Riccardo Monico, Binghamton Press & Sun Bulletin / Binghamton Press & Sun-Bulletin
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