WENY News - Park Grove Project Update by the IDA

Park Grove Project Update by the IDA

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Elmira, NY (WENY) -- Park Grove Reality is a project that will break ground soon on West Water Street in Elmira. This project has been in the works for almost two years and is part of the city's ongoing 10 million dollar downtown revitalization initiative. The New Building is projected to have a parking garage, 51 upper story market rate apartments and about 16 thousand square feet of commercial space. With 6 thousand square feet of that space already recently leased to an engineering firm the developer is now looking to County Officials for help filling the remaining space.

Mike Krusen, Executive Director of the Industrial Development Agency says "so what happens during the financing process is the financial institutions are going to want some guarantees that those leases will be filled so what they have asked us to do in essence step in to provide a master lease, which is a guarantee against the financial commitments from the banks, so we are looking at ways to do that."

He also says that "this is the first new construction in downtown Elmira in a couple of decades so we are very excited about the project and it will really 
quite frankly incentify some of the other projects around it." 

County Officials hope to break ground in the next 2 to 3 weeks to begin construction, with occupancy expected to start next fall.

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