Developers of a multi-million dollar project slated for the former site of the Boscov’s parking garage in downtown Binghamton will receive a major tax break despite dozens of concerns about the validity of the project brought forth by Binghamton residents, community members and housing advocates Wednesday.
Last month, a representative of the United Group of Companies based in Troy, NY, the developer UB Family LLC’s parent company, asked city council for a 28-year payment in lieu of taxes (PILOT) agreement for The Apex at Water Street project.
Many Binghamton residents are frustrated with the potential tax reduction and some disapprove of the project entirely.
It all came to a head inside Binghamton city hall Wednesday during a special business meeting, where for several hours, over 20 community members, advocates and city council members expressed their opinions about the future of the project.
What project is being considered
The Apex at Water Street project began with the 2021 demolition of the declining Water Street parking garage, which was built in 1970 and was the main parking source for Boscov’s customers since 1984.
The developer plans to build a housing and parking complex with 120 market rate, one-bedroom and two-bedroom housing units and six workforce apartments — these apartments are geared toward teachers, nurses and employees within the city’s police and fire departments — on top of a 486-space parking garage.
Costs for the project are totaling around $60 million — $22 million for the parking garage and an additional $37 million for the housing element, according to city officials.
New parking garage:Water Street Parking Garage, serving Boscov’s customers for almost 40 years, to be rebuilt
Why a tax break was proposed
The project increased in cost due to COVID-related price hikes in material costs and interest rates, developer representative Jeff Smetana said during the June 5 city council work session.
“It’s been a long process here from when we first…
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