News Tidbits 6/10/2018

11 06 2018

1. For those of you looking out for something interesting next week, here’s your notice. In the village of Lansing Monday night, a sketch plan is set to be shown involving a cluster home development on the remaining phases of the Millcroft property, about 40 acres off of Millcroft Lane and Craft Road. According to the agenda, the proposal comes from Ithaca-based landlord/developer Beer Properties in partnership with Hunt Engineers.

The back story here is that the Millcroft subdivision was approved in the mid 2000s as a three-phase, 31-lot development for high-end ($500k+ homes). As it turns out, the market for that, absent lake views and on relatively small lots, isn’t so great. The Great Recession didn’t help either. The first phase of 14 lots is mostly built out, and the second phase was approved and shows up on town maps, but no construction has taken place. The village has been aware of a project in the works since at least February.

Unfortunately, I can’t seem to find the property listing for the land, which was on Zillow for quite a while – I recall a figure around $850-$950k. The property falls in the village’s medium density residential zone, Cluster zoning means the lots themselves are smaller to preserve natural space. However, the maximum number of units is the same as maximum allowed by regular zoning – 40 acres in sewered Lansing village MDR means up to 87 units, if I’m doing the math right. Not sure if single-family, townhome or otherwise, so keep an eye out for a follow-up.

2. For sale, 15.31 acres off of Wellsley Drive in the village of Dryden. Sewered, watered, and originally planned for 36 homes but never approved. Price of the land $149,900.

Here’s maybe the more interesting part – this borders Maple Ridge. Maple Ridge’s first phase is built out, and the developer, Paul Simonet, would like to build the roads and lay out phase two (and eventually phase three). However, the village’s issue is that there’s only one entry and exit into the development – something they’ve been hesitant to sign off on because of possible safety/access issues.

Now, this may have already been resolved – the village of Dryden has only updated their website twice since February, with legal paperwork for keeping fowl – but if not, there’s the option of buying the Wellsley Drive property and routing a road through there. Maybe $150k plus the extra road work isn’t in Simonet’s price range, but it’s at least an option.

3. The village of Trumansburg commissioned an independent study from Camoin Associates (the same folks who did the Airport Business Park study) looking at the financial impacts of 46 South (formerly Hamilton Square) on the village. I’ve been told this wasn’t public yet, but it’s on the village’s planning board webpage, so I dunno about that.

Quick refresher: 73 units. 56 affordable, 17 market-rate. 6 affordable rental townhomes, 40 apartments, 10 affordable for-sale townhomes, and 17 market-rate units, single-family and townhome style. 140 residents at full buildout in 2023, assuming one per bedroom.

Here’s the TL;DR on the finances. The net income to the village itself is -$23,757/year when fully built out. The unfortunate truth of residential development is that, frankly, people have needs. They use roads, they call police and fire, they use municipal power lines and water pipes and sewer mains. It is not offset by the village’s share of property taxes, here in this mixed-income example, or in the vast majority of cases. This is a reason to advocate housing density, because the impacts on, say, building new roads or infrastructure is often less per unit.

On the flip side, the school district, which makes up a greater share of the property taxes, sees a net increase of $97,669/year when fully built. Tax revenue more than offsets the expenditure of approximately 33 new students. Not everyone living in has a child, but everyone pays school taxes. This money not only helps the district, the incoming students help ameliorate concerns that declining enrollment may soon lead to consolidation with a neighboring district.

Economic impacts can be broken down into three components – the construction jobs, long-term operation/maintenance, and growth induced by the new residents, who will not just live locally, they will also shop, dine and spend money in the village. There will be an estimated $18.17 million spent on construction, $1.45 million will be spent within the County, creating 20 construction job-years in total (note there are multiple guys on site once, the project is expected to be fully complete within five years), and nearly $695,000 in total earnings. Operation/maintenance in perpetuity creates the equivalent of two jobs, creating $60,732 in earnings and $229,782 in sales. The households will spend nearly $1.7 million yearly within the County, which will support 20 total jobs with over $676,500 in earnings per year. In other words, $2 million spent in the county, 22 jobs and $737,500 in net new earnings from having those 140 more residents in the village.

By the way, if one was inclined to read 289 pages of public comments about 46 South, that can be found here. The project will be discussed at the village board’s meeting Monday evening.

4. Let me note this before I forget again – Park Grove’s Bomax Drive Apartments have started construction. The first two strings of 10-unit, three-bedroom townhomes are expected to be completed by Spring 2019. I’ll make a site visit soon for a longer write-up.

5. Meanwhile, the Triphammer Row townhomes are on pause until the road situation gets worked out. The village won’t sign off on using M&T Bank’s parking lot as an entry route, and the Sevanna Park condos don’t want to allow access to the 15 units through their private road. As a result, the village is seeking to have the road turned over to them, in part to encourage this for-sale plan, and in part because will ownership of the entry road to Sevanna Park will allow them to install better curb cuts and traffic control.

6. Here’s a for-sale property with some small-scale redevelopment potential, this one in the city of Ithaca. A dilapidated house is for sale at 815-17 North Aurora Street in Fall Creek. thanks to unsympathetic additions, the historic value is marginal. A buyer could restore it, or if interested, since it’s a double-lot, they could split the lot in two and do a two-family home on each property. Given other recent projects in the area such as 202 and 204 Queen Street and 128 West Falls Street, it appears to be an opportunity to do some modest densification keeping with Fall Creek’s fabric without upsetting the community too much in the process. The property is for sale for $269,000.

7 Let’s tie this up with something intriguing. Next week, the city’s Planning and Economic Development Committee is being asked to support a grant application by the Downtown Ithaca Alliance to the New York Main Street (NYMS) grant program. They are seeking $322,500 from the state to leverage work on four downtown projects – a commercial project in the Clinton House, a commercial project in the Boardman House, a “commercial and housing project” at 108 West State Street (the Ithaca Agency Building), and a 12-unit development by Visum Development in the West State Street Corridor. Any rehabbed housing units will be required to be 90% area median income for at least five years, but I dunno if either housing plan has existing units, I think the Ithaca Agency Building was all office space. STREAM Collaborative just moved into the second floor, so they would know best.

Quick postscript here – there’s nothing but an outline according to the DIA’s Gary Ferguson, so no Voice writeups for a while yet.


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11 06 2018
News Tidbits 6/10/2018 — Ithacating in Cornell Heights – Business Startup-Bay Area

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