City selects proposal for 70-72 Court St.

By Anna Norris

June 4, 2014 Updated Jun 4, 2014 at 7:37 PM EDT

Binghamton, NY (WBNG Binghamton) A proposal has been accepted for the vacant lot at 70-72 Court St., as announced by Binghamton Mayor Rich David.

Greater Binghamton Development, LLC, has been chosen to construct a mid-rise building, approximately five stories high. There will be two commercial units on the ground floor and apartments filling the top floors.

According to the mayor’s office, the apartments will target “young professionals, empty nesters and medical personnel searching for quality urban housing with higher end amenities.”

Greater Binghamton Development, LLC is a real estate development company, locally-owned by Mark Yonaty. The company put in a bid of $75,000 for the purchase.

“This is another bold step in the redevelopment of Downtown Binghamton,” said David. “This project will put a public property back on the tax rolls, generate private investment downtown and create jobs.”

Project costs are estimated at $3.5 to 4 million and the city will be applying for around $500,000 in state funding to support the project.

“Now that we have selected a solid proposal, the city will work with the developer on many of the specific details needed to move this project forward,” said Mayor David. “This project is a prime example of the type of development I’m trying to attract, and will serve as a catalyst for major growth and development downtown.”

According to the developer, the proposed building will incorporate modern aesthetics with the historical charm already found downtown.