BINGHAMTON, N.Y. — Newman Development Group, LLC (NDG) on Tuesday broke ground on a more than $28 million, 170,000-square-foot, mixed-use development project at 50 Front St. in downtown Binghamton.
The multi-million dollar project will include commercial and retail space and will also feature “market-rate,” rental-housing options at the site, the office of Gov. Andrew Cuomo said in a news release issued Tuesday.
To make way for the project, the developer demolished the former Sheraton Hotel, which had had been sitting vacant on the site.
(Sponsored)
What Distressed Property Owners Might Expect From the IRS
The commercial real estate market has been rough for some time, and the residential market has seen wild fluctuations. Inflation, high interest rates and decreased demand for office space have
How Does New York State’s Clean Slate Act Impact You?
On November 16, 2023, Governor Hochul signed into law the Clean Slate Act which automatically seals criminal records for certain crimes. The law (effective next year), provides that misdemeanors are
The project is adjacent to the Chenango River, across from Binghamton University’s new downtown campus.
Empire State Development (ESD) is providing Newman Development Group up to $3 million for the project through a capital-development grant.
The ESD grant sought to “encourage” Newman to “proceed with the project,” Cuomo’s office said.
“This critical investment will help create a new anchor for downtown Binghamton, supporting growth and helping to spur additional economic activity,” Cuomo said in the release. “With the groundbreaking of this new project, we are laying the foundation for a stronger, more prosperous future for the entire region as the Southern Tier continues to soar.”
NDG expects to complete the project in December 2018.
Newman Development Group, a Vestal–based real-estate development firm, has offices in New York, Pennsylvania, and California, according to its website.
Contact Reinhardt at ereinhardt@cnybj.com
