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Posted on Mar 07th, 2022

Paulus Development Hosts Groundbreaking for 59 Lester Avenue Project

Binghamton Business News

Housing is a critical component to Broome County's economic growth. New invetsment from outside companies and the expansion of existing local businesses requires our area to not only have a location for our businesses to call home, but to have quality housing options for their employees. Across the United States communities are facing a shortage of quality housing, and a combination of underbuilding and increase in construction costs & affordability in the last two decades has led many communities down the path of a disproportionate supply and demand. As new investments continue to bolster our economy, it is necessary that our housing stock follow suit. Easy access to housing for all those involved in any company looking to relocate or expand, from executives to entry-level employees, is key to ensuring Broome County remains a competitive option for investment. 

For this reason, The Agency was elated to see the show of community support for the new Endicott Johnson Victory Building Project in Johnson City, NY. Last week on Thursday, March 3rd, Syracuse-based developer Paulus Development & their local partner LeChase Construction hosted the groundbreaking for their historic new project. Once a factory filled with hundreds of workers that helped to establish Broome County as a worldwide powerhouse for manufactuing in the 1900s, the stucture is now set to undergo a dramatic transformation. Paulus Development boasts a large portfolio of stunning housing projects, including the ANSCO Camera Factory located just past the Square Deal Arch in the City of Binghamton. A community with a history of committment to its workers, especially due to the philanthropy of George F. Johnson, Matthew Paulus is just as committed to improving the quality of life and housing options in Broome County. 

The Paulus Development project will redevelop the 59 Lester Avenue property from the dilapidated structure that has sat vacant for over 40 years into a 156-unit market-rate apartment building. Similar to his project at ANSCO Camera Factory, Paulus hopes to simultaneously capture the history of the building while also providing modern amenities, beautiful commercial space, and the perks that come with city living to make our own small community a more competitive option for job seekers.

With the continued growth of Johnson City between the expansion of Binghamton Unviersity and United Health Services, our area's two largest employers, and the growth of nearby communities like Endicott, which with the revitalization of the former IBM Huron Campus is expecting hundreds of new clean energy positions in the next five years, increasing our housing options across all income-brackets will allow our County to sustain our upward growth trend. As we continue to attract new investment as a community and construct this much needed housing, it is important to remember the wide-reaching economic impacts a housing project brings from growth in employment numbers, increased income generated and spent by the individual, increase tax revenue directed towards our municipalities, and more.