(BINGHAMTON, N.Y.) — Mayor Richard C. David on Friday joined Stacey Duncan, Executive Director of The Agency, and Joseph Eddy, President of JE Properties, of Boston, Mass., to announce a $38 million plan for purchase and rehabilitation of Town & Country Apartments on Binghamton’s North Side.
“This project would transform perhaps the most troubled apartment complex in Binghamton into a safe, stable and affordable place for residents to raise their families and the North Side to take pride in,” said Mayor Richard C. David. “Over the decades, a lack of investment and poor management at the property led to code violations and crime. The North Side deserves better, and with our partners, the City is advancing a plan to invest in quality affordable housing and bring positive change to this property and neighborhood.”
The 8.5-acre Town & Country complex at 100 Roberts St. was built in 1963 and has 253 units in 22 separate buildings. In 2014, Mayor David directed a public safety review of the complex in response to the fatal shooting of 19-year-old Scott Wright Jr. on the property. The review found a rise in police calls to the apartment complex and multiple code violations.
JE Properties’ $38 million plan to acquire the complex and advance a renovation project includes:
- a new fencing and gate, updated exterior lighting and new security measures
- new roofs and repaired drainage system
- new boilers and energy efficient upgrades
- newly created accessible units (there are currently no ADA units)
- updated kitchens, including new appliances, fixtures, countertops, and cabinets
- updated bathrooms
- new flooring, paint and unit lighting
- new windows and window treatments
- washing existing brick façade
- updated laundry rooms
- new landscaping, including and signage, new postal boxes and new dumpster enclosures
The project is expected to create 130 construction jobs over two years.
“This project is only possible through Mayor David’s support and vision,” said Joseph Eddy, President of JE Properties. “The work the Mayor and City have done revitalizing downtown about a half mile from Town & Country along with the continued commitment to remove blight on the North Side gave us the confidence to invest in this project. We’re looking forward to providing vastly improved, safe, affordable, quality housing for over 500 residents.”
JE Properties is a real estate development company that invests in historic redevelopment, commercial mixed-use, market rate and affordable housing developments on the East Coast. JE Properties and its sister companies own and manage over 11,000 apartment homes from Boston to South Carolina. Mr. Eddy was project director for the $200 million Sibley Square mixed-use apartment complex in downtown Rochester, N.Y.
JE Properties has applied for low-income housing tax credits to support the project through New York State Homes and Community Renewal (HCR)’s Housing Finance Agency. This funding source ensures all units of the apartment complex will remain affordable.
HCR’s tax credit program has funded other Binghamton affordable housing projects, including 3D Development’s Canal Plaza project at 435 State St. and the First Ward Action Council’s Front Street Gateway and Crandall Street Revitalization projects.
No residents will be permanently displaced due to the renovation.
Many Town & Country tenants are currently rent burdened and receive rent subsidies from the U.S. Department of Housing and Urban Development or Broome County Department of Social Services.
JE Properties will apply for a payment in lieu of taxes, or PILOT, agreement through The Agency and City of Binghamton as part of the development plan.
“Across Broome County, it’s important we provide more quality affordable housing options for our workforce and families to thrive,” said Stacey Duncan, Executive Director of The Agency. “This major investment joins other multi-million dollar projects on the North Side that are bringing real economic development momentum to our urban core.”
“Investment in housing is at the core of what makes neighborhoods thrive,” said Daniel J. Reynolds, Chairman of the Broome County Legislature. “I applaud Mayor David, Stacey Duncan, and the JE Properties development team for bringing a game changing project to Binghamton’s North Side.”
— 30 —