ITHACA, N.Y. — John Novarr’s project at 209-215 Dryden Road has been given the green light.
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The city of Ithaca’s Planning and Development Board approved the $12 million project at its August meeting. With approvals in hand, Novarr is free to start construction as soon as he has his construction loans, which should be no problem given that Cornell’s MBA program has agreed to occupy the whole building (though only about 70% of the space will actually be used at initial completion; the MBA program will fill out the building as their needs require).
Novarr won’t have to worry about site demolition and asbestos removal because he cleared the site in May.
The 6-story, 73,000 SF building will begin construction in “four months” per the end-of-August Sun article, or November if the Site Plan Review (SPR) paperwork is still accurate. Completion of the building is anticipated for the second quarter of 2017. ikon.5 of Princeton, New Jersey is the project architect.
When filled out, the building will house 250 employees of the university, and 450 students of the Executive MBA program, who only attend classes in Ithaca during traditionally slow periods of the year (winter break and summer break; during the rest of the year, students attend weekend classes in the town of Palisades in Rockland County). To that effect, the project would go a long way in easing the strongly cyclical consumer traffic that makes it hard to do business in the largely-student neighborhood. Students also stay at the Statler while on campus, and staff and students will walk over from Cornell faculty/staff parking to get to the building.
Last month, the Tompkins County IDA reviewed the application for a 50-year tax abatement for the project, in the form of a PILOT agreement. The public hearing was held last Thursday, with little dissent noted in the minutes from the hearing. With the other option of Cornell buying the property and making it tax-exempt, it appears that the public has decided that the PILOT is an acceptable proposal. The final vote on the application will happen this Thursday.
The project joins a slew of mostly residential projects under construction in the Collegetown neighborhood. 205 Dryden, 327 Eddy and 307 College are all underway, and several smaller projects were recently completed. The new investments total over $36 million, and with the exception of Novarr’s project, all the other projects will be taxed at full value.
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