The Chemung County Industrial Development Agency on Nov. 13 authorized a public hearing on Hopkins Place, a proposed redevelopment at 550 Spruce Street in the town of Southport that the applicant says will convert a long-vacant, blighted building into 24 market-rate apartments.

Jill (Speaker 4), who presented the application to the board, said the current assessed value of the property is $65,000 and that the total project cost is $2,515,000, of which about $2,000,000 is construction. The applicant is requesting a 10-year pilot with a 50% tax abatement; the application estimates the net exemption value over 10 years at $279,000. Jill told the board the project will substantially increase revenue over the current assessed valuation.

Developer representative (Speaker 5) described recent work on the structure, saying crews installed approximately 60,000 bricks and completed interior demolition and stabilization. The developer said the project team plans to use local labor and purchase materials locally when feasible and expects to offer a mix of apartment sizes intended to be “semi affordable” for local residents.

Board members asked about demand and site concerns. Speaker 2 noted broad county housing needs and said he expected rental demand to be strong; Speaker 1 raised proximity to St. Peter and Paul Cemetery and asked about security. The developer said cameras and additional lighting will be installed and said occupancy should help deter vandalism.

The IDA authorized staff to advertise and hold a public hearing; the board will consider final approval at a December meeting after public comment and any required follow-up. No final PILOT or financial assistance decision was made at the Nov. 13 meeting.