A vacant former dollar store in Johnson City is being demolished to make way for modern student housing.
A groundbreaking was held yesterday at the corner of Grand Avenue and Sherman Street for the new Lofts at JC apartment complex.
The 31,000 foot, 3 story building will hold 24 residential units with options of either 1, 2, or 3 bedroom apartments.
Amenities include gated parking, updated appliances, cable, internet, and an atrium.
Developer Praveen Kamath is the founder and managing member of AOM Investments.
He already has student housing apartments in downtown Binghamton.
Kamath says he thought the JC location would be a good place for students as soon as he heard about plans to build BU’s Pharmacy School nearby.
You know the one and main question from a development perspective everyone would have is you know, they will come because they are here. The question is at what price point will they come? So the PILOT definitely goes a long way towards helping mitigate that risk.”
Kamath received a Payment In Lieu Of Tax or PILOT agreement from the Industrial Development Agency.
He says rents for the apartments will range from 1,250 to 2,700 per month.
Local developer John Maczko of Maczko Realty is the Project Coordinator.
Demolition of the former dollar store, and Great American grocery store before that is expected to begin soon.
The project is expected to cost over $6 million.