Residents of the City of Binghamton may already be familiar with The Club on Washington; the former Boys & Girls Club until 2009 when it became an apartment building in Downtown Binghamton is just a few steps away from the Broome County Forum Theatre and other downtown favorites including The Shop, Garage Taco, and more. The building that sits on the corner of Clinton & Washington Street will soon be undergoing some major changes. Developer Kevin Finley came to The Agency Board of Directors this month with an application for The Agency's Small Business Incentive Program (SBIP). The SBIP can provide eligible applicants an eight percent (8%) NYS sales tax exemption on all construction materials, machinery & equipment and FF&E. Finley's $756,560 project was approved by The Agency Board of Directors on Wednesday, June 15, for a sales tax exemption proividing key assistance to the project over the next twelve months not to exceed $37,176.
The upgrades that Finley plans to make on the property will serve to increase the occupancy rate for these units. Finley referenced the difficulties he and the other owners have had filling some of the larger apartments, including some 4-bedroom units, as current rental trends lean towards professionals seeking one bedroom or studio apartments. Finley noted that these apartments will not be for undergraduate students, as he is trying to capture more working professionals with these private style units. The redevelopment of the property will include the rennovation of several exisiting larger units into these one-bedroom or studio apartments as well as the new construction of five stuidos on the lower level. Improvements will also include the construction of a new community room for residents, and modernize the building with new heating fixtures, roofing, windows, and exterior doors. Upon completion of the project, the project owners anticipate three new full-time jobs to be created. This project will go towards the IDA's and the County's ongoing workforce development goals to increase the availability of professional housing, especially in the downtown core.