ITHACA, N.Y. — Developers of a proposed apartment tower in downtown Ithaca have released more details about their major project.
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First off, there’s the price tag. Texas-based developer Campus Advantage estimates that the project, called “State Street Triangle”, would have a construction cost of $40 million. For comparison’s sake, the largest non-Cornell project approved by the city in 2014 (the Hilton Canopy Hotel) was valued at $11.5 million.
The 11-story building would be 116 feet tall, and 288,845 square feet. Five retail spaces (totaling 10,746 square feet) and one restaurant-focused space (2,113 square feet) would be built at street level, facing South Aurora and East State Streets. 210 residential units with 620 bedrooms occupy the top ten floors.
The property for which the building is proposed sits in CBD-120 zoning, one of the city’s densest zoning options. CBD stands for Central Business District, and is only used for a select number of properties in the core of the city. The one-story Trebloc Building, built in the mid-1970s, was rezoned from CBD-60 to CBD-120 in 2013. No parking is required at the site, and with the 116 feet height falling 4 feet short of the zoning maximum, no height variance would be required.
Parking is expected to be handled by nearby parking garages (Green Street and Seneca Street), and the traffic study conducted by SRF Associates states that most daily commuting would be accomplished by bike use, bus fares, walking and the occasional car share. State Street Triangle proposes to have bike storage facilities on-site.
Noticeably, references to the project being student-oriented have been removed from the revised application materials. It is possible that the project may now be seeking to include more of the general rental market.
If approved, the mixed-use tower would start construction in January 2016, and open to tenants in August 2017. An estimated 200 construction jobs would be created by the project. The application notes that no jobs will be lost by the project; The branch of Elmira Savings Bank currently located within the Trebloc Building would be relocating to another location in the city, but not closing.
Quoting the application “[The] proposal will help meet the goals of the draft Comprehensive Plan of the City by redeveloping a site where existing infrastructure already exists, creating greater tax revenue, and enriching the pedestrian and vehicular experience, particularly as visitors and residents enter Ithaca.”
For more information, the Site Plan Review application (SPR) is here, the Full Environmental Assessment Form (FEAF) is here, the Environmental Site Assessment (ESA) ishere, a utility capacity letter is included here, and more drawings of the proposed building can be found at the city’s website here. Lots of information to peruse if one has the time or interest.