Charles St. Business Park
Binghamton, NY / Real Estate Development Opportunity
Real Estate Development Opportunity
Project Name: Charles St. Business Park
Location: N/A
Total Project Size: $25,000,000
Equity Amount Seeking:N/A
Local Agency Partner: N/A
Contact Email: N/A
Contact Phone: N/A
Sponsor: N/A
Why Charles St. Business Park is a Great Opportunity.
The 25-acre Charles Street Business Park is located in Opportunity Zone on the northwest side of the City of Binghamton along with 48 MW cogeneration plant. It is located 0.93 miles from Interstate 81; 7.4 miles from Binghamton Regional Airport; and adjacent to a Broome Transit (bus) route. The park is being redeveloped by Syracuse-based Bowers Development which plans $25 million to restart the cogeneration power plant and build approximately 150-200,000 square feet of prefabricated steel buildings for future commercial use, which may include data centers, office flex space, warehousing, distribution and light manufacturing coupled with low-cost power onsite for tenants. 25-acre urban industrial park with 48 MW cogeneration plant - developer is actively seeking data centers, commercial/light industrial/warehousing tenants - will build to suit
Other Site Attributes:
Located over one of the largest aquifers in NYS with 10-20 million gallons per day capacity. Property includes 5 satellite pump stations.
State / Local Incentives:
The property is eligible for a negotiated Payment In Lieu Of Taxes (PILOT) program which provides a predetermined property tax rate for a typical 10-20 year period; this program is executed by the Broome County Industrial Development Agency in cooperation with the City of Binghamton and the Binghamton City School District.
Current Project Status: Conceptual (Demand study / pro-forma development)
Current Land Control Status: Acquired, obtained options, or otherwise control all acreage
About the Market:
About the Sponsor:
Bowers Development (Syracuse, NY) is an upstate New York real estate development company that focuses on environmentally challenged sites and structures. Clients range from small retail and office users, to law firms and municipalities. The firm has extensive environmental expertise, in both contaminated buildings and vacant industrial sites with a passion for reclaiming classically designed older buildings, with unique architecture. Bowers applies expertise in imaginative redesign and responsible development. Bowers Development portfolio includes 11 buildings and 2 industrial development sites in 5 cities, as well as a number of projects under contract. For more information, please visit: https://www.bowers-development.com/
Economic / Social / Environmental Impact:
The City of Binghamton is anxious to develop this vacant parcel which includes a recently decommissioned 48MW power plant. Bowers Development plans to invest approximately $25 million to restart the cogeneration power plant and build approximately 150,000 to 200,000 square-feet in prefabricated steel buildings for future commercial use, which may include office flex space, warehousing, distribution and light manufacturing. Future development is expected to support 150 to 250 new jobs.