Student housing coming to Parkway, Vestal Supervisor opposing tax cuts
In 2023, it was announced that Aptitude Acquisition, LLC proposed a 360,000 square foot complex for the current site of the Quality Inn and Suites at the intersection of Bunn Hill Road and the Parkway. The development would contain almost 200 upscale apartments and amenities. Construction is scheduled to begin in 2025 and will be completed in 2027.
According to sexton, the developer applied to the Broome County Industrial Development Agency (IDA) for a PILOT program, requesting a tax abatement. If approved, the PILOT would freeze taxes for two years, then substantially abate taxes for the following twenty years.
Hotel could make way for student housing on Parkway
A public hearing was held on Monday regarding the proposed PILOT. Sexton spoke on behalf of the Town Board and opposed the PILOT agreement, which would give the developers a 22-year tax break.
According to Sexton, under the PILOT, the project would have full income from the luxury apartments and commercial space beginning in 2027 but would continue to receive a substantial tax cut for the following 19 years.
Sexton says if the PILOT is approved, Vestal residents and businesses will pay more taxes than they need to.
The IDA will decide on March 19 whether to give the PILOT to the development agency.
Student housing coming to Parkway, Vestal Supervisor opposing tax cuts
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