The City of Binghamton has received a $75,000 Empire State Development grant to redevelop the Binghamton Plaza.
The New York state grant was assigned under the state’s Strategic Planning and Feasibility Studies Program, and will be used to create a redevelopment road map to find the best use for the plaza after the demolition of existing structures.
In total, the plaza redevelopment project is expected to cost $2 million, which was assigned in the city’s 2025 budget. Businesses currently occupying the plaza will need to relocate if the project moves forward, though Kraham said the city will be able to assist businesses through the relocation process and that the project will be designed to allow businesses to stay open as long as possible.
The grant comes after an official purchase offer made by the City of Binghamton to the plaza’s owners, which was announced on Aug. 6. Plaza ownership has 90 days to respond to the offer of $1.55 million, made under eminent domain procedure law, which allows governments to take ownership of private property and develop it.
The study will focus on researching market conditions, the economic impact of various site uses and potential job creation in the area. Kraham said some possible options to consider are the expansion of Cheryl Lindsey Memorial Park or allowing waterfront access to the Chenango River.
According to Kraham, a key part of the study will be community engagement.
“The nice part about this piece of property is that there’s a lot of land to work with, so we can see a diversity of different developments and hear what the community has to say as well,” said Kraham. “Ultimately, the study and this grant money will help us do all of the predevelopment work which can spur economic development.”
The site was determined to be a brownfield and went through a remediation process in 2015, which cleaned up the area and readied it for redevelopment.
This article originally appeared on Binghamton Press & Sun-Bulletin: Binghamton Plaza, pursued by the city under eminent domain, receives NY funding boost
Reporting by Riccardo Monico, Binghamton Press & Sun Bulletin / Binghamton Press & Sun-Bulletin
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