UPDATE 2:14: The Chemung County Clerk’s Office has confirmed that the building was bought for $300,000 by the ANT Savings Corp.
Mayor Dan Mandell confirmed to 18 News on Thursday that a developer has purchased the old Iszard’s building.
A former fixture of downtown Elmira, Iszard’s was the first and largest modern department store in the city.
“We’re finding out more details about it, but a developer has bought the Iszard’s building,” Mandell said.”We’re not quite sure what the plans are yet. It’s a developer out of Ithaca. So, more development in the downtown area, it’s another great thing that’s going on here in the city. There’s a lot of growth going on right now and I think we’re all very excited about the progress of the city of Elmira.”
Ithaca-based real estate company, Visum Development Group, purchased the building and plans to redevelop it for housing, according to Jill Koski, the the Senior Economic Development Manager at Southern Tier Economic Growth (STEG), the economic development arm for Chemung County. STEG is working with Visum on potential tax breaks or grants from the County, state or federal government, to offset costs.
Blue Cross will remain on the first floor. The remaining three floors will either be for housing or mixed use.
Koski said Visum has a strong track record of developing student housing, but the company has also worked on historical preservation and new construction projects.
She also confirmed that the incoming LECOM campus was used to peak Visum’s interest in downtown Elmira.