Student Housing: $12M student housing project begins in downtown Binghamton
Downtown is getting something it hasn’t seen in 30 years. Newman Development Group officially broke ground Tuesday on its $12 million student housing project on Washington Street.
It’s the first privately developed building construction project in the heart of the city in three decades. The project also has a new name: Twin River Commons. Developers believe the project is also a significant step in the revitalization of Binghamton and follows the recent surprising news from the 2010 U.S. Census that the city’s population, in significant decline for 40 years, has stabilized by losing only nine people.
“It has long been my view that downtown Binghamton needs to be redeveloped building by building and block by block,” said Marc Newman, managing member of Newman Development Group. While the foundation is being dug, Newman Development — through its housing management partner, Campus Apartments — is already signing leases with students who want to live in the upscale housing facility next year.
A model two-room apartment is on display next to Starbucks in Vestal’s University Plaza that is open for tours to prospective renters. The housing project will open in August 2012 — in time for the fall semesters at Binghamton University and Broome Community College, Newman said.
The original plan, announced last year, called for the project to open this August. It was formerly called College Suites of Binghamton.But there were delays, including an extensive multimillion-dollar cleanup by New York State Electric & Gas of chemicals from an old gas manufacturing plant formerly located on the building site.Now, construction plans this year are already ahead of schedule, said Jeffrey Smetana, vice president.Work is being done by local and regional union and nonunion contractors, Newman said.
Other players include Keystone Associates, Delta Engineers and EYP Architects.M&T Bank is financing the project, Newman said. The project has had its challenges and rewards, Newman said.The site was polluted and needed cleaning up. And, like many other building projects along the Susquehanna and Chenango rivers, it also had to be cleared by state officials for its archaeological significance.”A lot of people wouldn’t have taken on this task,” Newman said.
“This is something we’ve eyed up for a long time.”Newman has no doubt he’ll find 373 students to lease apartments in Twin River Commons.University Plaza, the Vestal student housing project developed by Newman, now holds more than 500 students.
That facility is full, Newman said. It also has a waiting list.Cost also appears not to be a barrier for renters of upscale housing.Students at the Binghamton facility will pay about the same amount per student as they now do in Vestal: $700 a month, Smetana said.Of course, these apartments are not the shabby, bare bones student housing options of decades past.Instead, they feature private bedrooms and private baths, a living area with leather couches and stainless-steel appliances in the kitchens.
A variety of apartments are being offered, including those that have one, two, three and four bedrooms.Two-bedroom units are the most popular, the developer said.Windows in building look out over the city and along the two rivers, including the city’s Confluence Park where the Chenango River meets the Susquehanna River.Twin Rivers also will have a fitness center, multimedia gaming room, computing lab, study lounges, a private courtyard and virtual concierge services.And that isn’t all.
Security for the building is 24/7 and all-inclusive, Newman said.A special key for each student will give access to the parking lot, building and private rooms. The key is electronically tracked, Newman said. If it’s lost, it’ll be immediately disabled. Security cameras will also be in play, as will an audio-visual intercom system.Safety and security are what today’s students expect, Newman said.Twin River Commons and its parking lot, which is located between the building and the Chenango River, are gated, Smetana said.
Plans call for the facility to be constructed near the streets, giving it a “big city” feel, Smetana added.Newman said he’s proud of the project.
