News & Information

The city of Elmira and Southern Tier Economic Growth have announced that a developer is onboard to restore the former Rosenbaum's, Marvin's and Harold's buildings on West Water Street.

Horizon Properties, which currently owns and operates 12 multifamily properties in Elmira's Near Westside neighborhood, has been selected as the preferred developer for the restoration of the of the Rosenbaum's building at 110 W. Water St. Horizon negotiated purchase options for the adjoining properties.

"The creation of a critical mass of residents downtown will encourage and foster additional growth in the surrounding community," Elmira Mayor John Tonello said in a press release. "Nothing breeds success like success, and I believe this is just the beginning of more good things to come for Elmira."

As part of this project, the city will submit a grant application for $2.5 million from the New York state Restore NY program.

Horizon Properties Inc. will be the developer for a $6.5 million restoration project planned for the Rosenbaum's and Marvin's buildings in downtown Elmira, if a state grant comes through.

Southern Tier Economic Growth and the city of Elmira named the developer on Thursday for the project that includes a mix of retail and residential space at the Rosenbaum's and Marvin's buildings, adjacent structures at 106-112 W. Water St.

The development would be financed through a $2.5 million Restore New York grant, private funds and federal tax credits allowed for rehabilitating specially designated historic properties.

Horizon President William Newgent said the state grant is critical to the project.

"But I'm working with people who are experienced in these matters and things look really good. I'm very optimistic," Newgent said.

Horizon has already invested close to $2 million to rehabilitate 12 multi-unit apartment houses in the historic Near Westside Neighborhood.

Hit: Water Street renaissance
Thankfully, entrepreneurs don't pay much heed to naysayers. If they did, downtown Elmira would be totally empty. But luckily, there are believers like William Newgent, president of Horizon Properties Inc.

He is the developer that Southern Tier Economic Growth and the city of Elmira are backing in an attempt to obtain $2.5 million in state money to help Newgent buy and develop one of the emptiest and most visible blocks in downtown.

Newgent has big plans to rehab the former Marvin's and Rosenbaum's retail clothing stores on West Water Street into office and residential space. If all goes according to plan, Newgent might buy the former Harold's clothing store for further development. The plans are still a long way from reality, but the fact that Newgent is betting on downtown is a great piece of economic news.