City Centre Construction Update, 7/2018

16 07 2018

Not too much to add here regarding City Centre. The modular exterior panel system continues to rise. These photos were taken last weekend when the building was up to its sixth floor, and it’s not up to the seventh of its eight floors. For those needing a more regular fix, the webcam on the top of Seneca Way updates every fifteen minutes or so, and can be seen here. Looks like it missed me by three minutes.

Here’s an interesting little aside. A few folks have complained, in the way that many of us like to do, that the name “City Centre” is rather pretentious, particularly the faux-British English ‘Centre’. Newman Development Group has actually reused the name on another project they’re doing, in Lincoln Nebraska. That project is significantly larger than Ithaca’s, an $85 million downtown redevelopment of the former Lincoln Journal-Star newspaper office and printing press into a ten-story mixed-use with first-floor retail, two floors of offices, and 239 apartments on the upper floors. Like Ithaca’s project, it’s one of the largest urban projects in the city (rather impressive given Lincoln is ten times Ithaca’s size), and received a local tax abatement on the order of $15 million. Lincoln was selected by Newman specifically because its downtown area is close to a major university, in this case the University of Nebraska. Perhaps their Ithaca project is a new market pioneer for them – they see potential success in a mix of urban professionals and college students, and are looking for other opportunities in similar communities.

Looking at the apartment rental prices is enough to give most folks pause. Studios, which make up 33 of the 193 units, range from $1,795-$1,875/month. the 120 1-bedroom units go from $1,995-$3,015/month, and the 39 two-bedrooms range from $2,560-$3,415/month. With those prices, a prospective tenant could rent an entire house for themselves in Fall Creek or Northside; maybe it’s for the best that their attentions are drawn here instead. For the sake of comparison, City Centre Lincoln is $900-$1,200/month.

More information about Ithaca’s City Centre can be found here.


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One response

17 07 2018
CornellPhD

I feel like there’s no way they get the prices they’re looking for, and developers are doing disservice to themselves and the city quoting them and drumming up opposition when the market is going to force them to climb down anyway.

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