Ithacating in Cornell Heights

802 Dryden Road, also called “Ivy Ridge”, was originally the product of local developer Charlie O’Connor, CEO of Modern Living Rentals. However, just as site preparation and underground utility installations were getting underway late last summer, the project changed hands. On September 12th, the site and construction plans were sold for $2.075 million. Filed on the same day was a construction loan from M&T Bank to pay for construction of the project – a rather substantial $8.6 million for the 42-unit, 108-bedroom townhouse complex. The buyer’s LLC was linked to a suburban Pittsburgh address for Matthew Durbin, and a little online searching indicates Durbin is a Cornell Johnson School (MBA) Alumnus, a former investment banker turned business executive. In short, an outside investor but with a demonstrated familiarity with the Ithaca area, business acumen and the money to make things happen. The sale does not appear to have altered the plans (any revisions would need to be approved by the town of Dryden) or the timeline.

Framing has started on one of the townhouse strings (each string is seven units apiece) and foundation work has started on a second. The plan is to have the units ready for occupancy in time for the Fall 2019 academic semester – being right next to the Cornell Arboretum, it’s a literal stone’s throw from the edge of Cornell campus, and is intended to appeal to graduate or professional students (especially students of the veterinary school, whose location on the eastern edge of Cornell campus has left them with few walkable options). STREAM Collaborative designed the units, Taitem Engineering is on board as a structural engineer, and Granger Construction of East Syracuse is the general contractor.

A full description of the project and its history can be found here.