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Posted on Aug 10th, 2021

Paulus Development to Breathe New Life into Legacy Site

Binghamton Business News

In February 2021 the Broome County Industrial Development Agency (The Agency) Board of Directors voted to approve a payment in lieu of taxes (PILOT) agreement to assist in the development of the former Endicott Johnson Victory building at 59 Lester Avenue in the Village of Johnson City. Having laid dormant for over forty years, Syracuse based developer, Matthew Paulus, purchased the building in early 2020 to pursue the company's fourth Upstate New York development, and their second in the Southern Tier region.

Paulus' previous success can be seen within our own community with the completion of the near $25 million rehabilitation of the former ANSCO Camera Factory in the First Ward of the City of Binghamton in 2019. The Agency also awarded Paulus Development with a PILOT to assist with the project. The ANSCO Camera Factory was transformed into 100 market-rate apartments, with 35,000 square feet of commercial space, indoor and outdoor parking, and modern amenities, and addressed an ongoing need for affordable and modern housing for young professionals.

The Endicott Johnson Victory Building project will also serve to address housing needs within Broome County as the planned $30 million project will provide the community with 108 market-rate apartments, in addition to 7,500 square feet of commercial space and other amenities key to city living. Often referred to as an eyesore, Paulus Development will breathe new life into this legacy site, which can be seen from the Route 17/I-86 corridor. What once housed thousands of employees during the days of the Endicott-Johnson Shoe Company, will now provide over one hundred local construction jobs and serve to bolster workforce development efforts by providing much needed professional housing nearby the Southern Tier Health Sciences and Technology Innovation Park in Johnson City. 

Construction is anticipated to begin on the project in Fall 2021 with an estimated completion and opening in early 2023. Housing projects such as these are critical to attracting and retaining talent as Johnson City and the surrounding area continue to see the growth of the Binghamton University Health Sciences Campus, between the Pharmecutical School and new Decker School of Nursing, and United Health Services, one of the area's largest employers.