ITHACA, N.Y. — A Massachusetts man just dropped about $2.6 million on three properties on the West End of Ithaca this week.
[do_widget id= text-55 ]
Steven Wells purchased the following land parcels:
— For $1.5 million, 402-10 Third Street (Finger Lakes Physical Therapy) was purchased under the 402 Terza LLC
— For $884,638, 622 Cascadilla Street (ZaZa’s Cucina ) was purchased from Italthai LLC under the 622 Strada Cascadilla LLC
— For $224,000, 508 West State Street (Formerly Felicia’s Atomic Lounge and Cupcakery) was purchased under the 508 Statum LLC
In January, Wells sold $1.75 million worth of property to Elmira Savings Bank. The sale caused an uproar in Ithaca because three people living in rented homes on the property said that not only did they not know the propriety was for sale, but their leases didn’t expire for months.
Elmira Savings Bank has maintained that the tenants were on a month-to-month lease with the previous owner. Neither the bank nor the residents provided current leases for the tenants upon request, both citing various reasons.
The properties purchased by Wells are significantly likely to be upzoned in the coming years, according to Ithaca’s comprehensive plan. This means the areas could host larger development projects in the coming years, either by Wells’ own accord or through a third party developer.
The former Felicia’s Atomic Lounge and Cupcakery was upzoned for larger development in June 2013.
[do_widget id= text-61 ]