Ithacating in Cornell Heights

1. Not as visible, but still important – Student Agencies Inc. has secured a $3 million construction loan from Tompkins Trust Company for a major renovation of its building at 409 College Avenue. Although details about the project itself are a bit scarce in the paperwork filed on the 18th, it is likely the eHub entrepreneurial space being built for Cornell students, faculty and staff. The eHub space will include space for PopShop (a space for student business planning and development), the eLab business incubator, conference space, mentors-in-residence, and basically all the physical space and things a budding businessperson would like to help them succeed.

According to a previous write-up by the Cornell Chronicle, the lab should be open later this Spring, with 10,000 SF on the second and third floors of 409 College Avenue, and 4,000 SF of space in Kennedy Hall on the Ag Quad. STREAM Collaborative of Ithaca will be the interior architect for 409 College, and Ithaca-based Morse Project Management LLC is the general contractor.

Now, this could be a great thing for Ithaca, because it leverages Cornell’s presence to foster business development. Sort of like a Cornell-centric Rev. And Rev, for what it’s worth, has had several successful associated firms in the past couple of years – Ursa Space Systems was named a STARTUP-NY partner and will be hiring 22 people, and Ithaca Hummus is looking at hiring 50 over the next five years. Even the Ithaca Voice grew from what was basically a one-person operation when it launched in June 2014 (hat-tip to Jeff Stein), to having several full-time staff as well as giving Ithaca a higher profile through viral hits like the Key West promotion and the Harry Potter Wizarding Weekend.

Anything that allows Ithaca to grow and diversify its economy is a great thing, and if it can utilize Cornell’s presence to help that cause, all the better.

2. The Lansing Star is reporting that 2015 was a banner year in Lansing, with 200 single-family homes, apartments and townhouse in the works. Along with the 20 or so plans reviewed, the town is also looking at revising its Comprehensive Plan, and the town may even consider the adoption of form-based codes in certain locations such as the proposed and stalled Lansing Town Center.

One caveat I’d add is that the key word is reviewed, meaning approved. Not underway. The 102-townhome Cayuga Farms project still had major issues to work out with its proposed package sewer system. If one were to look at permits, it’d probably be 36 or so units with the Village Solars, and probably as many with scattered single-family homes and duplexes, which would make for an average-to-above average year – final 2015 values will be available from the HUD in March. The village could see a big boost from its usual single-digit permit total, if the Cayuga View project gets its construction permit this year.

3. Speaking of Cayuga View, the price point came up at a Lansing village meetings, the minutes of which came online this week. Drumroll please—

The targeted price point is $1600/month for a one-bedroom, one-bath unit (of which there will be 12), and $2700/month for a 2-bedroom, 2-bath unit (of which there will be 48).

That’s quite a high figure. Applying the standard 30% affordability threshold, the targeted income bracket for seniors is $64,000-$108,000/year. That’s comparable, or a little more than, the Lofts @ Six Mile Creek. It also draws parallels to inner Collegetown projects like Dryden South, where rents will be $1350/bedroom. But those projects fall in traditionally high land-value areas.

If it’s financed, then a lender must believe there’s a market for it, and given the general difficulty in financing projects in this region, that really is saying something. Increased affluence and number of retirees moving in? Hoping to capture the older, richer Cornell faculty/staff crowd? Bad judgement? Who knows.

4. In the briefest of blurbs, the Times’ Josh Brokaw, who I applaud for attending even the less interesting city Planning Board meetings, reports that the Tompkins Trust HQ has been approved, with a permit likely once they get a minor curb-cut issue worked out. The contentious Printing Press Lounge debate also received the Planning Board’s go-ahead, if not necessarily its blessing. Expect a late winter or early spring construction start with the Tompkins Trust HQ, with completion the following year.

5. A couple of interesting developments for the Biggs Parcel in Ithaca town. According to the Times’ Jaime Cone (new writer, guys?), a member of the ICNA, Roy Luft, is prepared to make an offer for the Biggs Parcel that would preserve the vast majority of the land. Luft owns a 10-acre parcel to the south (street address 1317 Trumansburg Road). He proposes to take a non-wetland portion on the southern end of the Biggs Parcel, combine it with the open field behind his house, and pursue a cluster subdivision of homes intended as owner-occupied senior housing, which on the surface seems like a decent plan and location, given that owner-occupied senior housing is in demand and the land is adjacent to Cayuga Medical.

With this offer aired, the county, in a 4-1 vote, is giving the ICNA until January 15th to make an offer, otherwise they’ll put the land for sale on the general market. There is no assessment figure publicly available (though a new value has been determined); the ICNA says that’s unfair, while the county legislators have countered by saying not having the assessment value doesn’t stop the ICNA from making an offer, and that the neighbor group has already had a year and a half to make an offer.

6. Once again, a double-feature house of the week. The theme of this week – high-end homes. Here we have home #1, 8 Pleasant Grove Lane in Cayuga Heights. The house has been mostly framed and the sides have been sheathed, but from the looks of the exposed roof trusses, if would seem that when this photo was taken a couple of weeks ago, the dormers still needed to be decked and the interior was still just stud walls and rough openings.

Design-wise, the home seems to fit in pretty well with its neighbors, which were mostly built in the late 1970s and early 1980s. The property was purchased in 2012 for $132,500 by an LLC traceable to a coach for a Cornell athletics team. Previously, the lot had been owned by its Pleasant Grove Road neighbors, and was sold in an estate sale.

7. House of the week #2. I couldn’t pass up the chance to see the one house under construction that seems to have the entire lakefront mansion community so utterly pissed off. For the record, this house on the Captains Walk cul-de-sac has been under construction for years – you can see it in the satellite imagery for Google maps, which dates from 2013. It also appears to be even larger than many of its million-dollar neighbors. Three-car garage? Check. Courtyard-type entry? Check. Windows have been fitted, the roof has been shingled and the exterior has been sheathed with Huber ZIP System panels. A spring finish would be a good guess. Records indicate a couple from Pennsylvania, the founders of a chain of assisted care facilities, bought the undeveloped parcel for $213,800 in 2013.