Binghamton, NY (WBNG Binghamton) Plans for new business could bring some big changes to downtown Binghamton.
The city awarded Newman Development Group with the proposal to create a new mixed-use building in place of the Collier Street parking ramp.
The Collier Street Commons plans to utilize the first two floors for commercial and retail space. Then, a parking garage that could hold 100 more spots than already available on top of that. Four floors of apartment housing would built on top of the parking spaces.
The one-acre space is in need of more than a million dollars in immediate repairs. Instead, Mayor Rich David said he saw the potential for a public-private partnership to create more downtown development.
"My attitude is, I rather leverage public and private investment to get a brand new facility, as opposed to just investing millions of dollars every few years just to keep it in its current condition," David said.
David added both this project and the new development coming to 70-72 Court St. have the potential to bring new life downtown.
"In my eyes, these are win-win proposals that will have a significant impact on a multiple-block section of downtown Binghamton," David said, "And that's why I'm supportive of these projects and hopeful that the state of New York will also be supportive and approve state funding."
The city is applying for $500,000 in state funding for the Court Street project, and the Collier Street Commons hopes to get around $8 million in state funding through the Regional Economic Development Council.
Newman Development Group proposed a $38 million project, but that number could change depending on how much state funding is granted.