THE FUTURE OF DOWNTOWN ITHACA

A SUMMARY OF NEW

GROWTH & DEVELOPMENT

January 2013

GUIDED BY OUR 2020 PLAN

DOWNTOWNS GROW IN SPURTS

• 2013+ Newest spurt

• 2005-2008 (Seneca Place, Gateway, Cayuga Green)

• 1975-1982 (Commons, Dewitt Mall, Center Ithaca, Rothschild Bldg)

• 1920’s (Bank of America)

DOWNTOWN BY THE NUMBERS

Pre-2005 2005-2008

• RETAIL- 325,000 SF 40,000 SF

• OFFICE- 670,000 SF 130,000 SF

• HOTELS- 140,000 SF 85,000 SF

• HOTEL ROOMS – 205 105

• HOUSING UNITS- 250 120

THE 2005-2008 GROWTH SPURT

THE 2005-2008 GROWTH SPURT

DOWNTOWN BY THE NUMBERS

Downtown Today

• RETAIL- 345,000 SF

• OFFICE- 800,000 SF

• HOTELS- 225,000 SF

• HOTEL ROOMS- 310

• HOUSING UNITS- 370

NEW PROJECTS

• 12 projects 2013- 2015

• Over $125,000,000 in private investment

• One major public project- Commons Rebuild

• All within a two block radius of each other

Commons Rebuild

A NEW COMMONS

THE COMMONS REBUILD

• $10.5 M Project

• Start Date: Feb 2013

• End Date: Jun 2014

• Includes transit corridor

funds (Downtown to Cornell)

• Designer- Sasaki Associates

• Funding Sources

- City capital funds ($3.5M)

- City Water & Sewer funds

($1.4 M)

- US FTA State of Good Repair grant ($3.5 M)

- DIA assessment ($0.5 M)

- NYS DOT funds ($0. 6 M)

- NYS CFA funds ($1.8 M)

HAROLD’S SQUARE

• A $30.0 M plus project

• 126,220 SF

• 62,280 SF residential (72 units)

• 47,320 SF office

• 16,620 SF retail

Harold’s Square

SENECA WAY

• Six story mixed use

• 35 Market rate units

• 9,000 SF office

- Warren Real Estate

- Park Foundation

• Key east entrance to downtown

Seneca Way

HOTEL ITHACA

• $30 M cost

• 159 rooms, ten floors

• Marriott Hotel (full service)

• Urgo Hotels- developer/owner

• Anchors east end of the Commons

• Connected to City garage

Hotel Ithaca

BRECKENRIDGE PLACE

• Six story, $14.4 M new construction

• 50 affordable units

• LIHTC project

• Developed by Ithaca Neighborhood Housing Services & Pathstone Corp.

Breckenridge Place

ARGOS INN

• 13 Room urban inn

• Ground floor pub

• Former historic property

• Received historic tax credits

HOLIDAY INN EXPANSION

• $21 M total project cost

• Demolish all old, two story product

• Renovate existing tower

• Add new 10 story tower

• Net 10 new rooms

• Add new 350-400 seat conference center

• Roof top lounge

Holiday Inn

LOFTS AT SIX MILE CREEK

• New in-fill eight level, four story building

• 40 townhouse style urban loft apartment units

• Market rate

• Connected to public parking garage

• Facing Six Mile Creek

Lofts at Six Mile Creek

PRESS BAY ALLEY

• Former Ithaca Journal building

• IJ retained as anchor tenant

• Brightworks Computers second anchor tenant

• Retail added to Green Street

• Retail and commercial uses for storage sheds and industrial portions of building

Press Bay Alley

DOWNTOWN HAMPTON INN

• Proposed 92 rooms

• Extended Stay/Suites Hotel

• Located on former Strand site

• Local developer: Neil Patel

• Seeking to purchase City parking

DOWNTOWN HAMPTON INN

The Record of Urban Growth in Tompkins County

• 1 MILE RADIUS

- 1990: 22,135

- 2000: 19,168

- -2009: 19,637

• 25 MILE RADIUS

- 1990: 207,123

- 2000: 210,037

- 2009: 213,250

The Value of Housing

• 1,500 Units @ $200,000

• $300,000,000

• 1,500 Units @ 1.5 Residents per unit

• 2,250 New Residents

Rendering by HOLT Architects

Growing the Tax Base

• 1,500 Units Might Yield:

– CITY - $3.7M*

– COUNTY - $1.9M*

– SCHOOLS - $5M* *Estimated Annual Tax Revenue

Rendering by HOLT Architects

MORE TO COME

DOWNTOWN ITHACA ALLIANCE