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Posted: June 7, 2016
Agency board approves financing incentives for Century Sunrise project
Johnson City, NY The Agency Board of Directors voted to approve financing incentives for the Century Sunrise redevelopment project. Larry Regan of Regan Development Corp. plans to redevelop two vacant multi-story brick and masonry industrial buildings, which were part of the historic Endicott-Johnson Corp. industrial complex. The IDA will provide a thirty-year payment in lieu of tax agreement (PILOT) to assist with the project.
The total estimated project cost is $29 million. Regan Development will finance the project using federal and state housing tax credits, Historic Tax Credits, and CDBG Disaster Relief funds. Regan was also awarded $1.3 million from the Southern Tier Regional EDC.
The Century Sunrise redevelopment project, located at 135-139 Baldwin St. is a mixed-income, mixed-use redevelopment project that includes 104 residential units. The units range from one to three bedroom apartments and a 3,500 s/f multi-level restaurant with garden space. The site is located in close to UHS Hospital, one of the area’s largest employers, and the future site of the Binghamton University School of Pharmacy & Pharmaceutical Sciences.
“This is a tremendous project for Johnson City,” said Kevin McLaughlin, executive director of The Agency. “This development will be part of the significant transformation going on in the Village. We’re thrilled to be part of such an innovative project”
Regan Development will be responsible for overseeing all aspects of the development and operation of the project. Regan Development is a family-run business that has developed over $384 million of residential and commercial real estate and affordable housing developments throughout New York, New Jersey and Connecticut.
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