He said the region's high-performing K-12 schools and proximity to New York City, along with developable former industrial space, makes the region ripe for growth.

WSJ: Dreams of Binghamton

Hermitage Plaza, designed by U.K.-based architects Foster and Partners, will provide 280, 000 square meters of mixed-use space, housing a five-star hotel, 543 apartments, 35, 000 square meters (376, 737 square feet) of offices and 50, 000 square meters of retail and restaurants.

WSJ: Europe's Tallest Towers Set to Rise