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$20 million Binghamton development to begin soon

A day after learning the city of Binghamton will receive $3.45 million from New York, Binghamton Mayor Richard David began laying out the steps of the project to create a new parking garage, housing and retail center at 7 Hawley Street.

The money is part of Governor Cuomo's Upstate Revitalization Initiative. It is part of the $500 million awarded to the Southern Tier for 76 projects aimed at growing the region's struggling economy.

David and project developer, Newman Development Group, will begin talks early next week. The next phase is to secure full financing. Newman will invest a portion.

Kevin McLaughlin, executive director of The Agency and a member of the Regional Development Council said the group is looking at all options-- public and private, including bonding.

Marc Newman told reporters Friday work on the public-private redevelopment project could be complete in 18 months, creating 350 parking spots, residential housing and commercial space for new business.

Newman said the city would maintain and operate the parking garage and expect to iron out many logistics during next week's discussions.

The city is tackling another major project at the same time, the Collier Street Parking project. Mayor David said the city will solicit for bids to demolish the garage over the next few weeks.