Town & Country Apartments To Get New Ownership, $38 Million RehabilitationPosted: Updated:
A Boston-based development firm has plans for a $38 million rehabilitation of Town & Country Apartments on Binghamton's north side. That investment includes the purchase of the property that Mayor Rich David describes as "one of the most troubled apartment complexes in Binghamton."
In 2014, the fatal shooting of 19-year-old Scott Wright Jr inside the complex led the city to launch a public safety review of the site. David says they found multiple code violations and a rise in police calls to the apartments. That trend continued, with police receiving more than 500 calls to the property last year alone, according to David.
"The north side deserves better," says David.
JE Properties says they negotiated a price with the current owner privately and their plan for improving the 22 buildings is to increase security measures and address quality of life issues.
President of JE Properties, Joseph Eddy, says his company wants to focus on improving safety for residents and addressing the overall quality of the housing. Eddy says the 8.5-acre complex will become a gated community, with a fence surrounding the entire property. There will be some sort of key card access for residents and an intercom for visitors to buzz in, as well as more security cameras and better outdoor lighting.
As far as addressing the quality of the housing, Eddy says the project will include a new roof, flooring, paint, windows, improved kitchens and bathrooms, and updated laundry rooms.
"Give people pride in where they live. You need that to change the mentality of an area," says Eddy, "And 500 people, that's 1% of the city population that lives here and I think it's an important place to improve the housing stock."
Eddy says no residents will be displaced during the construction and rent will not go up. JE Properties has applied for low-income housing tax credits through the New York State Homes and Community Renewal (HCR) Housing Finance Agency. Funding from HCR ensures all units remain affordable housing. During Friday's announcement, Mayor David placed emphasis on this, saying this is an affordable housing project, not student or luxury housing.