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Posted on Dec 17th, 2021

Benefits Extended for Project Set to Restore Historic Structure in Downtown Binghamton

At the December 2021 Board meeting, The Broome County Industrial Development Agency Board of Directors voted to approve an extension of time for the benefit provided to the developers of One North Depot to assist with the development of the project after supply chain issues and construction costs arose out of the COVID-19 pandemic delaying the project. The One North Depot mixed use develpoment project will first and foremost provide affordable commercial space, housing, shared work space, and new green space close to the urban core of Binghamton, NY. A primary focus of the redevelopment project will be to preserve the historic integrity of the structure, as the building on site, at 1 N Depot St was built between 1876 and 1885, is listed on the national register of historic places, and is a local landmark.

The project investment totals $11,475,825 and will be comprised of at least 5 units (11,000 sq ft) of commercial storefront and office space, over 8,000 sq ft of shared work space for small businesses and entrepreneurs, another 10,000 sq ft of outdoor green space, and 55 units (40,500 sq ft) of residential upper floor housing, mostly in the form of 1 bedroom loft apartments. Work/live packages will be available which will Include both an apartment, and a work space on the lower levels to do business out of. 

Projects such as One North Depot are a huge win for our community. A recent housing study conducted by The Agency indicated that while an oversaturation of student housing exists within the Greater Binghamton area, there is a significant lack of market-rate and affordable housing options. While housing projects do not typicaly directly result in a high number of jobs created, in this project only three, they still serve a critical role in regional workforce development. Young professionals act as one of Broome County's largest growing populations, and to continue that trend, housing options must grow alongside it. the need for more housing for young professionals, to not only retain the terrific talent nurtured here, but attract new talent to continue building our community. With projects such as the apartments at One North Depot in Binghamton, The Agency is committed to addressing the needs of workforce housing.