802 Dryden Road Construction Update, 2/2019

28 02 2019

The townhouses at 802 Dryden Road are in varying states of construction, with no apparent pattern to the choices. Buildings “E” and “F” at the western end of the site have been framed, sheathed in Tyvek housewrap, roofed, shingled, and have doors and windows fitted. “E” has the navy blue panels, and “F” the olive green panels. Building “C”, at the eastern end of the site, is in the process of having its roof framed; a crew was on-site last weekend bolting together the trusses. Building “D” has partial framing and sheathing, Building “B” at the eastern front of the site has its slab concrete foundation finished but not framing as of yet, and forms for pouring the foundation walls are still on-site for Building “A”. So generally speaking, counterclockwise from lower left, buildings are progressively less far along.

For the record, each building, seven units apiece, will a unique address when finished – 802, 804, 806, 808, 810, and 812 Dryden Road.

It was previously noted that the purchaser was operating under an LLC tied to a Pittsburgh-area business executive, Matt Durbin. A new project website says the firm is “Maifly Development”, a small but seemingly deep-pocketed Pittsburgh company that appears to be pursuing a mixture of student-oriented and market-rate properties across the country. Along with the LEED Certified “(b)outique two-story townhome community abutting the Cornell University campus, nestled in a picturesque natural setting,” Maifly has developments in Pittsburgh and Eugene, Oregon (to be one of the city’s tallest buildings, the 230-unit/443-bed  “Hub Apartments”). In other words, this is the real estate development company Durbin owns and operates, and he has plenty on hand.

The new Ivy Ridge website shows four apartment plans, consisting of two two-bedroom formats, a three-bedroom unit, and a four-bedroom unit. The site also includes some new renders, including some interior perspectives included here at the end of the post. The number on the website is the number of C.S.P. Management, so it appears local real estate manager Jerry Dietz will be handling landlord duties on behalf of the developer.

Looking at the website Q&A, it’s clearly geared to Cornell students, and although rents haven’t been posted on most websites, it looks like C.S.P. discreetly listed them before anyone else. A two-bedroom will be $1,800/month, a three-bedroom $2,500/month, and a four-bedroom $3,200/month. Cable and most utilities (all except electric) are included in the rent, the units come partially furnished, and pets, include large dogs, are allowed. Stainless steel appliances, in-unit washer and dryer, and marble tile are also planned. Exterior features include 70 parking spaces, bike racks, stormwater ponds, bioretention areas, a childrens’ playground, and a dog park. Although the project isn’t expected to be complete until August, C.S.P. has some units listed for a June 1st occupancy, which given the site photos, it seems plausible that’s they’d open in two phases.

There’s a modest discrepancy in the construction sot, which is partially my fault. An early estimate for the 42-unit/108-bed, 50,000 SF project was $7.5 million, and that’s what I’ve used in some articles and posts. The final development cost with loan from M&T Bank is about $8.6 million.


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2 responses

28 02 2019
CS PhD

$1800 for a narrow 2-bedroom apartment that far out of town? Man, rents just keep going up and up. At least you get new construction for that price, not a creaky run-down shack like most of the places in Ithaca. I wonder if they’ll be air-conditioned; that would also be a selling point compared to other far-away apartment complexes like Lansing West.

1 03 2019
B. C.

The ads say air conditioning is included.

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