The 114,000 square foot building has dominated the skyline west of the lower Chenango – facing a residential area with its back to Downtown – since its construction in 1959 as a Sheraton Hotel, and later as the 178-room Renaissance Plaza nursing home. It has been vacant since that facility closed in 2011. Newman Development Group envisions the $31 million project to culminate in a five-story structure with parking underneath, and apartments above 10,000 square feet of first-floor commercial space, according to a presentation by a company official in 2015.The apartments would be rented at or above market rate, drawing residents who are primarily young professionals and older couples who are looking for urban living and amenities without having to maintain a house, Newman Vice President Jeff Smetana told the land bank. The Agency, formerly the Broome County Industrial Development Agency, approved a 28-year payment-in-lieu-of-taxes agreement for the project in December 2017.