A family-owned Binghamton retailer is finalizing plans for the debut of along-awaited new downtown location.

The Ellis Brothers store at Court and Hawley streets now is expected to open early next year.

Co-owner Richard Ellis said the business should be able to take possession of the building that once housed a J.C. Penney store next month. He said the target date for opening at the new site is February 1.

The Ellis Brothers Contemporary Furniture store on Water Street was destroyed by fire in April 2014. Operations have continued since then at the Ellis Brothers store on Washington Street.

Ellis Brothers will consolidate its downtown retailing business at the new store. Ellis said the Court Street building will have about 40,000 square feet of selling space.

New furnaces and high-efficiency air conditioning units have been installed at the building in recent days.

A crew from an Endicott-based company was installing signs at the building on Monday.

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