Local news- Press Release
City of Binghamton New York - Mayor Kraham Announces $24M Stadium Lofts Project 30 August 2022 ( news )
City of Binghamton , state New York ( By Press Release office)
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Mayor Kraham Announces Plans for $24M ‘Stadium Lofts’ Housing Project
Affordable Artist Lofts , Commercial Space Planned in Mixed - Use Development Near Mirabito Stadium
( BINGHAMTON , N . Y . )
Mayor Jared M . Kraham on Tuesday joined Ken Kearney , president of the Kearney Group development firm , to announce plans for a $24 million , 70 - unit mixed - use housing project at 180 Henry St . near Mirabito Stadium in Binghamton .
“We’re acting on ou......r vision to create a vibrant and walkable downtown Stadium District , attracting young professionals and new businesses near the ballpark , ” said
Mayor Jared M . Kraham
. “This project will transform an important intersection , add to our housing stock and kick - start other public and private investments in the Stadium District corridor . ”
The Kearney Group plans to build a four to five - story building on four vacant City - owned parcels at the intersection of Henry Street and Chapman Street downtown . In April , the City completed demolition of multiple blighted buildings on the site .
The Stadium Lofts project will provide new workforce housing units , with up to half of the units marketed towards those who work in the arts . The developer is applying for affordable housing tax credits through New York State Homes and Community Renewal ( HCR ) . The State agency has an “artist preference policy” that supports affordable housing for artists as a component of communities’ revitalization efforts and seeks to promote diversity in affordable housing .
In addition to the residential space , the Stadium Lofts project includes four units of ground - floor commercial space . The space will be developed with recommendations from the City ' s Stadium District Master Plan , completed at the end of last year . The master plan provides recommendations for improving the area around Mirabito Stadium and increasing its number of visitors , including adding street - facing retail establishments on Henry Street and high - quality , affordable housing .
“The Kearney Group is thrilled to be working with the City of Binghamton to bring their vision for the Stadium Master Plan to fruition , ” said
Ken Kearney , president of the Kearney Group
. “We feel our Downtown mixed - use model is a perfect complement to the synergy surrounding Mirabito Stadium , and we look forward to working with Mayor Kraham and his team to bring another impactful urban project to Upstate New York . ”
“We’re thrilled to see such an exciting and vibrant project taking shape right across the street from Mirabito Stadium , ” said
David Sobotka , owner and president of the Binghamton Rumble Ponies
. “Alongside the City , we welcome Ken’s firm as the newest partner in our collective effort to revitalize Henry Street , draw more people to the Stadium District and continue to improve the area . ”
“Binghamton’s thriving arts and culture scene has helped fuel the revitalization of downtown , and the new Stadium Lofts project will build on that progress by offering brand new artist housing and commercial space right near our arts district , ” said
Broome County Arts Council Executive Director Nancy Barno Reynolds
. “We’re excited by the potential of this project to transform an important part of our urban core and support Binghamton’s growing arts community . ”
Founded in 1996 , the Kearney Group , of Somers , N . Y . , is a specialized real estate development , construction and property management company . The firm has successfully completed over $400 million in mixed - use , residential and commercial developments throughout New York State
notably in downtown revitalization projects in Beacon , Poughkeepsie and Peekskill . The firm has active projects in Oneonta , Rome , Gloversville , Lockport and Saranac Lake .
The Stadium Lofts project will require local planning approval , scheduled for this fall .
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