815-17 North Aurora Street Construction Update, 7/2019

18 07 2019

This project rose quietly and quickly. 815-17 North Aurora is a small infill project in Fall Creek, replacing what was previously a significantly deteriorated two-family house. It was one of the typical “urban farmhouses” popular in Ithaca in the late 1800s and early 1900s, with major, unsympathetic additions tacked on at a later date. Under its previous owner, who purchased the property in 1999, the house started a gut rehab, but only got through through the “gut” part and never got to the “rehab”.

In June of 2018, the property was placed on the market for $269,000, and the listing noted small-scale redevelopment potential, that the city could conceivably allow the dilapidated house currently on the lot to be taken down and redeveloped into two two-family homes per zoning. For smaller developers, this was an opportunity. Fall Creek has become Ithaca’s walkable, urban darling in recent years so the market would support a plan, provided that the neighborhood or city didn’t object. The site could never host some grand multi-million dollar project, but it was a chance to build something complementary to the neighborhood, and add density through modest urban infill (Historic Ithaca objects to anything involving a teardown being called infill, but the textbook definition is more accommodating).

The opportunity the site held was right up the alley of a family of local owner/developers, the Stavropoulos family of West Hill, who own the State Street Diner and a growing portfolio of rental units under the name “Renting Ithaca”. The Stavropoli have redeveloped several properties in the past few years, including 1001 North Aurora Street (4 units), 107 South Albany Street (11 units), a two-family home at 514 Linn Street, and a two-family unit planned for 209 Hudson Street (they originally applied to build two two-family buildings, but reduced it to one after neighborhood pushback). Their M.O. is basically small-scale rental infill, nothing especially large or ostentatious, and with that they go under the radar for the most part. In short, this R2b-zoned site is a perfect fit for them. They purchased it for $235,000 on March 7th.

The project involves teardown of the original structure, and replacing it with two two-family structures, four units total. Each will be three bedrooms and 1,290 SF. Their usual architect of choice, Daniel Hirtler, has designed the structures to fit in with the Fall Creek vernacular, with recessed entries and aesthetic details (such as a transition between fiber cement shakes and clapboard siding) for visual interest. The buildings are positioned so that one is in the front of the lot, one at the rear, and only the front structure is visible from most public viewsheds. The site includes two parking spaces and a two-car wood-frame garage with new landscaping and utilities. Heating will come from electric heat pumps, and while the roofs will be capable of hosting solar panels, those aren’t expected to be included as part of the initial build. LED lighting, energy efficient appliances and water heaters, and high-efficiency spray foam insulation are included. This project would very likely meet the new Green Building Policy Requirements if in place.

The $627,000 development should be complete by August per Site Plan Review documents, a clear nod to having the units ready in time for the next academic year. Fall Creek tends to be less desirable to undergrads at Cornell because of the distance (<1% of total population), but graduate and professional students often rent in the neighborhood (~9% of graduate/professional students at Cornell live in Fall Creek).

Rather unusually, this project actually got some significant pushback from the Planning Board, which tends to be more acquiescent towards smaller projects; some of it had to do with the project itself, but it was also proposed while the city was hotly debating the merits of infill, a discussion that still continues. The argument was that the project will be rentals, would probably never be owner-occupied, and the board was questioning the merits of approving a project that would likely bring in students to the neighborhood and detract from Fall Creek’s “character”. In response, the initial plan for four parking spaces was replaced with two spaces and a two-car garage, with the newly freed space turned into an outdoor common area. A porch was added to the street-facing duplex, and a den in each unit to make them more family-friendly. All in all, there were four revisions from the first submission in October 2018, to final approval in February.

If you’re wondering about the color swatches – the lower level fiber-cement lap siding will be Sherwin-Williams “Knitting Needles” (light grey), and the front door and shake siding on the upper levels will be S-W “Westchester Grey”. Personal opinion, Ithaca is naturally grey enough as it is, but that’s just one guy’s take. Trim boards will be gloss white and the roof shingles will be Owens-Corning TruDefinition Duration Estate Grey. The concrete base, naturally grey, will remain exposed or potentially get a parge coat, the design plans left either option on the table.

The slab foundation is in, and the buildings are framed, sheathed in plywood ZIP Panels, roofed, shingled, some roof trim boards have been attached, fiberglass windows have been fitted, and the PVC sewer line is clearly visible in its trench. The inside of the wood-frame structure is framed out, and utilities roughs-in (mechanical/electrical/plumbing) are underway. Sorry folks, this one sneaked up on me – demo permits were filed in March, building permits May 20th. Hopgart Construction of Horseheads is the construction manager.

Early drawing.

Final design.





128 West Falls Street Construction Update, 7/2019

12 07 2019

Looks like it’s safe to say that the infill project at 128 West Falls Street is completed. With the exception of some interior finish work and landscaping, the project is largely finished and will be ready for occupancy for the start of August. The guys at Plumb Level and Square were hard at work so the photos are a bit limited, but I do appreciate them allowing me to wander around a bit. Heritage Builders is the developer for the five-unit project, with three three-bedroom and two two-bedroom units. The construction crew said the units were designed to be easily reconfigured if desired.

One of the guys expressed disappointment that the copper exterior finishes were already discoloring, but that’s kinda the point of copper. As it oxidizes, the copper darkens and takes on a grey-green patina that also waterproofs and protects the copper below the surface. A nice detail to have if you’re trying to fit into a neighborhood of much older homes.

The addresses are 126 West Falls Street, 132A West Falls Street, and 132B West Falls Street. 126 is the stand-alone single-family unit on the east side of the lot, a 3 bedroom, 3 bath asking $2,680/month. 132A is the duplex in the middle – Unit 1 is the east (right) unit, Unit 2 the west (left) unit, with asking prices of $2,750/month for Unit 1 and $2,650/month for Unit 2, discounted slightly perhaps because it’s next to Route 13. The two-family unit at 132B West Falls Street is asking $1,650/month and $1,850/month for its units. The units come with electric fireplaces ans dishwashers, but surprisingly for their premium p[rice point, they don’t have washers and dryers included, just the hookups.

More info about the project can be found here.





News Tidbits 5/11/19

12 05 2019

1. The proposed revision (downzoning) along West State / MLK Jr. Street is moving forward with circulation (review by city departments and associated stakeholders), with a couple of major revisions. The zoning would not be CBD-60. It would be CBD-52 for structures with less than 20% affordable housing, and CBD-62 for structures with 20% or more affordable housing. The quirk in the height is due to mandatory floor heights, which will be 12 feet for the first floor, and 10 feet for each floor above – in other words, five floors for projects with a lack of affordable units (=< 80% area median income), six otherwise.

For 510 West State Street, in which all 76 or 77 units are affordable (my unit count is 76, but they typed 77 in a couple sport of the Site Plan Review), the project would remain largely intact. The new setback requirement would push the fifth and maybe a very small portion of the sixth floor back from West State/MLK Jr. Street for the mandatory fifteen feet, so a little square footage would be lost there. The city had initially sought thirty foot setbacks, but the Ithaca Fire Department said that it would not be reachable by their trucks if the fifth floor was that far away from the street face.

Now, some more astute readers might be wondering is this affects Visum’s other West End project at 109 North Corn Street. The answer is no. The setback rule only affects buildings fronting West State / MLK Jr. Street. The downzoning is intended to protect an aesthetically pleasing segment of West State more than anything else. The setback does technically apply to West Seneca Street, but the building height there is 40 feet anyway, which is the same as the setback.

The affected blocks now also include the 300 and 400 Blocks of West State Street. The only publicly known project that would be impacted is INHS’s Salvation Army redevelopment, which was only aiming for five floors on the West State Street side anyway, but could potentially be impacted by the setback rule – the project design is still in the concept stages with no public images.

A speaker during public comment asked to extend the zoning further to Downtown, and some councilors have discussed further downzoning because “the developers can just pursue a PUD”. That thought process ignores the drawbacks. The more areas impacted and the more stringent zoning becomes, the more labor and time intensive it becomes for city staff because it would likely trigger more PUDs, even while resulting in less development in general because a PUD adds months to a project timeline, uncertainty that lenders don’t like, and forces the Common Council to take on the role of a second Planning Board (which some councilors might be fine with, but some definitely would not and raised this as a complaint during the vote on whether to create the PUD overlay to begin with). Also, if the downzoning were to be applied to a property against the owner’s wishes, say the County Annex property for example, it would likely trigger a costly lawsuit. TL;DR, it looks tempting for additional “community benefits”, but could have significant negative impacts and should be used sparingly.

2. Staying in the realm of laws for a moment, there’s an ordinance that should be made aware to residents of Northside and Fall Creek. A proposal from 1st Ward councilor Cynthia Brock would require every rental agreement and every home sales transaction within 1200 feet of the Ithaca Area Wastewater Treatment Facility’s boundaries to provide documentation of the potential issues and hazards of living near the plant – “you should be prepared to accept such inconveniences and discomfort as a normal and necessary aspect of living and operating in proximity to a waste water treatment facility,” as the document states.

The document isn’t ill-intentioned, but this does impact over a hundred existing Northside and Fall Creek homes and apartments, and quite reasonably would have a negative financial impact on them, whether they plan to sell or if they rent out space. There is nothing on record that these residents have been notified of this proposal. City staff don’t even seem comfortable with the proposal as-is, they don’t think Fall Creek residents are substantially impacted and suggested a cutoff at Route 13, but the 1200 square foot radius seems to be the version being considered right now, paying a trip to city attorneys to see if it’s legal to apply it to all rentals, a detail added at the meeting. Honestly, this doesn’t seem well thought out at this time, and poses a burden to existing homeowners who have not been made aware because of the lack of sufficient outreach.

3. Arthaus and Library Place have had their tax abatement requests approved, on 7-0 and 6-1 votes. The former will bring 124 affordable housing units including special needs housing and artist-centric amenities to the city of Ithaca at 130 Cherry Street. The latter will provide 66 senior housing units on the former Library property on the 300 Block of North Cayuga Street. Arthaus is expected to start construction at the end of the year, while Library Place will resume this month, with completions in 2021 and 2020 respectively.

County legislator Leslyn McBean-Clairborne voted against the Library Place proposal, citing some of the concerns raise over the lack of affordable housing (three units will now be 80% area median income) and general discontent with the site. In my intro post to the project, I mentioned if vaguely that there was a legislator who thought the affordable housing, condominiums, and Travis Hyde projects were all terrible – that was McBean-Clairborne, who has generally favored county offices on the site instead of housing. The county did a study to consider renovating the old library for offices back in 2011, a couple years before the RFP, but the study found it was financially prohibitive because of the building’s unusual interior layout (that soaring 1960s atrium wasn’t a good use of space, and wouldn’t have been cheap to replace).

4. Carpenter Park is also moving forward, in this case with the pursuit of its special PUD zoning. The project is seeking the PUD because of some quirks in yard setbacks, and soil tests showing that they couldn’t place some of the parking underground as initially planned (so now it’s in an above ground garage between the ground-floor retail and the apartments in Buildings B and C). The project would bring about 411,600 SF of new space, including 208 apartments (42 affordable) and an expansion of Cayuga Medical Center’s medical offices, resulting in the creation of 150 jobs. The vote was 4-1, with councilor Brock opposed. The full council will vote on the PUD next month, and then the project can go to the planning board for design review. Keep in mind that the above designs might change somewhat, though the general scale and program mix should stay the same.

5. The Tompkins County Airport has received a $9,999,990 grant, as announced by U.S. Senator Chuck Schumer at a press conference earlier this week. The county was strongly hoping these funds would come through. With the state grant, it means the county is only paying about $260,000 of the $24.5 million bill. Click the link here to learn more about the airport expansion project.

6. The Gun Hill Residences appear to be in the process of selling. A real estate trade magazine notes Southeastern U.S. regional bank SunTrust is giving the buyer a $13.3 million acquisition loan for DMG Investments LLC. DMG Investments is an American subsidiary of a Chinese development firm, DoThink Group of Hangzhou. The company has been active in upstate recently. DMG co-owns a new 322-bed student housing apartment in Albany and has projects scattered across the country. The full sales price has not been discolosed, as the deed has yet to be filed. It was noted that the ca. 1989, 94-unit, 273-bed Gun Hill Residences on Lake Street was nearly completely full at the time of closing (late spring, which is reasonable given a couple of kids might have washed out of Cornell or otherwise moved out). The property was previously owned by Rochester’s Morgan Communities, which was raided by the FBI last year. Morgan purchased the property in February 2011 for $6.15 million, and the current county assessment for Gun Hill is $12.65 million.

OLD render

NEW render

7. Some modest revisions to the Immaculate Conception School plans. Old render first, new render second. The design of the renovated school building has changed substantially, though the overall size has remained consistent. The changes could be due to any number of reasons, from cost concerns to utilities placements necessitating design changes. The single-family homes have been replaced with a four-string of townhomes, and the yellow string has been earmarked for for-sale units.

If I may – make one of the olive green townhome strings red or orange like the houses that have been removed. Keeps it from being so “matchy-matchy”, to borrow a JoAnn Cornish term. More renders can be found on INHS’s sparkling new website here.

On that note, on Monday May 13th the City of Ithaca will hold a Public Information Session for the proposed PUD (Planned Unit Development) for the Immaculate Conception School redevelopment. The Public Information Session will begin at 4:00 PM, in the Common Council Chambers in City Hall. In accordance with the requirements of the PUD, the developer and project team will present information about the project and answer questions from the public.

8. Looking at agendas:

The city Project Review Meeting (the run up to Planning Board meetings) will look at signage changes for the new Hilton Canopy on Seneca Way, a Presentation and potential Declaration of Lead Agency for 510 West State Street (now 50-70% area median income, initially it was 80-90% AMI), The 141-bed, 49 unit Overlook student housing at 815 South Aurora (updated, and review of Full Environmental Assessment Forms Part 2 and 3), final site plan approval for Arthaus and consideration of preliminary site plan approval for the Chain Works District (the focus right now is the renovations for phase one, office space, industrial space and 60 apartments). Apparently, the “Ezra” restaurant at the Hilton is now being called “The Strand Cafe”, after the theater that once stood on the site. More information can be found in the May project memo here.

The town of Ithaca will continue its review of Chain Works as well. Their portion of phase one involves the renovation of two manufacturing spaces into industrial and warehouse space (i.e. minimal work, just a sprucing up of the digs). Also your casual reminder that, unlike Dryden, Lansing or really any other sizable community in Tompkins County, the town permitted the construction of not a single new housing unit – again – last month. It looks the next stage of Artist Alley ($150,000 buildout) and Cayuga Med’s radiation vault ($2 million cost) were permitted.

It appears that the Beer family is heading back for another visit to the village of Lansing Planning Board regarding their until-now cancelled senior cottages project. The only thing known at the moment about this latest iteration is that it would fit the village’s cluster zoning, which means 97 units or less, but not in the same configuration as before (the pocket neighborhood-style homes were too close for code). We’ll see what happens.

Nothing much to note in Lansing town. Review of the Osmica event venue and B&B will continue, as will consideration of the Lake Forest Circle subdivision renewal and the 12,000 SF commercial building proposed for North Triphammer Road just north of Franklyn Drive.

– Courtesy of the village of Trumansburg, we have a new working title for 46 South Street, formerly Hamilton Square – now it’s “Crescent Way”. PApar krief, including revised EAFs, supplements and BZA findings here. The final version has some site plan changes on the location of some townhouse string types, but the overall unit count remains the same at 73 units (17 market rate for-sale, 10 affordable for-sale, 46 affordable rentals). Approval is on the horizon, a little more than two years to the date of when the project was first introduced. The project will be built in phases, with completion not expected until 2023.

 





News Tidbits 3/31/19

31 03 2019

1. A couple items of note from the latest Dryden Planning Board agenda – one is a new housing subdivision called Mill Creek, but the number of lots and location is not disclosed. The other appears to be plans for a new medical office building at 2141 Dryden Road, which is currently a vacant lot near near Willow Glen Cemetery. Google Maps seems to struggle with locating the 3.3 acre lot, so the screenshot is from the county’s map. The parcel is zoned “Mixed Use Commercial” and appears to be outside the sewer service areas. This still allows for a pretty substantial building – 40 foot setback from the front, 25 feet from the rear, 7.5 feet on either side, maximum 60% lot coverage and up to 35 feet in height, which for a medical office is typically two floors (13-14′ feet per floor). Put it this way, a building built to maximum dimensions would have a gross square footage of about 86,000 SF per floor, though whatever is planned here is likely to be much less than that. Anyway, it’s something to keep an eye on as plans develop.

2. A sign of the times. The property value of the Shoppes at Ithaca Mall plunged this year, from $31 million to $19.35 million, a 38% drop. This is the result of high vacancy rates and a deteriorating long-term outlook. Downtown boosters will note with some schadenfreude that’s quite a different picture than the state of business affairs a generation ago, when downtown was in the doldrums and the mall (always in my mind the Pyramid Mall) was the center of activity.

This poses a substantial problem for the village of Lansing, but luckily, other development around the village was more than enough to offset the loss of valuation in the mall. Overall property value in the village inched up from $476.3 million to $479.5 million. Borg-Warner’s property value jumped a million dollars, and projects such as the East Pointe Apartments and Cayuga View Senior Living have also contributed to the growing property tax base.

There’s been a persistent rumor that Maguire or Guthrie are buying the mall. The short answer is some outreach was done, and no, they’re not. It’s not even possible for them to do that because Namdar’s mode of operation is to sell off the mall in sections. The long answer, with quotes, will be an article in the Voice next week.

3. When the state wants something, it can move very fast – the request for contractor bids is already out for the new proposed NYS DOT facility off of Warren Road in the town of Lansing. The bids on the $13.8 million project close April 24th. Here are the specs in brief:

“This project includes new building construction of the NYSDOT Tompkins County Sub‐Residency Building as well as site development and construction that includes asphalt concrete pavement, drainage, water & sanitary sewer work. The new NYSDOT facility will consist of office space, workshop space, truck parking and salt storage. The approximate square footage of the various structures are as follows: subresidency
maintenance building (30,000 SF), cold storage (5,000 SF), salt barn (8,200 SF), hopper building/covered lean-to (2,500 SF).

The proposed maintenance building will have vehicle storage for 10 trucks, a loader and tow plow, with one additional double depth mechanical bay and single depth, drive-thru truck washing bay. It also includes an office area (three rooms), lunch/break room (30 people), toilet/shower/locker rooms, storage rooms and mechanical/electrical rooms.

The site will also contain stockpile areas for pipe, stone and millings, and ancillary site features including a fueling station, parking for 40 vehicles, and storm water management facilities. The project will require construction of an access drive from Warren Road and the extension of utilities.”

I have not seen an updated site plan for the project. The image in last week’s Tompkins Weekly is from the SEQR Review, which is outdated. In February, a $1.5 million grant was awarded to build a refueling station closer to the airport, which has resulted in significant site plan changes to the DOT site (I’m not able to find the document offhand, but the written description stated a rotation of the main building and movement of other structures away from the residential properties to the north).

4. Word, or rather warning, to the wise. Local businessman Andrew LaVigne defrauded investors in his “Cascadilla Landing” project, to the tune of $4.6 million. Now he’ll be going to jail for 20 years, which at 66 years old, is most likely the rest of his life. So comes to an ingnomoius end to one of Ithaca’s first major projects of the decade. The 183-unit mixed-use project was proposed in the summer of 2012,  received preliminary approval that September, and did not move any further than that. Plans by local architect John Snyder included a small amount of neighborhood retail space, and covered ground-floor and outdoor surface parking. The land, owned by the Cleveland family, was sold in November 2017 and is now the site of the City Harbor development. There hasn’t been much news about City Harbor recently, but the rumor mill says that a new architect is revising the project design and site plan.

5. I accidentally dropped the ball on the Fall Creek County Office Building study. During the March PEDC meeting in which the concept was being presented, I tuned in online and had taken screenshots for my own reference, and my Voice colleague Devon Magliozzi wasin the meeting doing the official writeup. However, I never checked to see what she was covering and had assumed a big roundup. Her focus, though, was on the Lime Scooters, and it was an excellent piece, but the county office building didn’t make the news.

Anyway, the county presented about eight separate plans, seven of which had the same interpretation for the office building – a 10,500 SF that would be built to include the historic structure at 408 North Tioga in its footprint. Most of the plans differed in the amount of housing and parking, from one single family homes to three single family homes to two duplexes (two two-family units, total of four) to five townhouses. This also impacts the total amount of parking ,which ranged from 27 to 48 spaces depending on the housing footprint and whether tandem parking was used. The last plan was a proposal with no housing on-site, and selling off 408 North Tioga for an office building with an 8,400 SF footprint. All plans assumed a three-story office building plus basement, and housing designs compatible with Sears Street (1.5-2.5 floors). The mix of county occupants is still being determined, and any housing plan would likely involve an affordable housing developer like Conifer or INHS.

The county legislature is expected to get an update on the plans at their meeting on the 2nd, and make a decision on whether or not to buy the Fall Creek property at their April 16th meeting.





128 West Falls Street Construction Update, 2/2019

26 02 2019

At a city planning committee meeting on infill housing, a Common Councillor well known for his dislike of nearly all things development described these houses at 128 West Falls Street as “an affront to the community” and “a monstrosity”. It seems rather misguided. This was a vacant lot, and the owners designed it with the possibility of future sale, either a small condo community, or in four separate lots if one includes the existing rentals between the new builds. As an argument over the issue of infill, this isn’t a good example anyway. The greater concern is adding new units to the rear yards of existing deep lot homes, not the development of vacant lots.

By and large, the built products are looking close to the original drawings, but not exact. The fully framed and sheathed out on the eastern end of the parcel was designed with its entry on the left side of the house, but the building under construction has its door on the right. Otherwise, the overall shape is true to plan, with dormers, gables, and porches, which are being framed after the primary structural frame has been built. The houses use Tyvek housewrap over plywood for the most part, except for the two-family structure with the breezeway; for fire safety, the walls facing each other in that pair have been sheathed with gypsum panels. The east hald of that building is still in the framin stages, with roof trusses yet to be fully assembled, but the other wind and other structures are framed, sheathed, and have most of their doors and windows fitted.The only worker on-site appeared to be working on utilities rough-ins in the unit with the bay window.

A summer occupancy seems fairly plausible. I haven’t seen any rentals for these yet, but Heritage Builders tends to go for the premium/upper-middle market bracket; the renovated two-bedroom house in the middle is going for $1800/month.

More info about the project can be found here.





News Tidbits 1/21/2019

22 01 2019

1. A quick note regarding the county’s feasibility study of a new county office building on the 400 Block of North Tioga Street on the edge between Downtown and Fall Creek – Ithaca’s HOLT Architects has been tapped to perform the analyses. The idea isn’t totally new to HOLT, who had drawn up rough ideas of a joint city-county office building as part of the Downtown Ithaca Alliance’s 2020 Strategy way back at the start of the decade. This process will quietly continue until the results are ready for review and discussion sometime in March.

In an off-record conversation with a county official, the topic came up of, “why not just move to one of the office buildings in the Cornell business park”, as the county Department of Health has done. This person pointed out that it would much easier to buy a building, renovate it, move in and start operations. Except for one bring problem – the suburban office park is hardly accessible, and so the choice of county occupants would be fairly limited, given the need for the county’s less well-off to be able to access the site. A location on the fringe of Ithaca’s Downtown is much more walkable and readily approachable from buses, bikes and so forth, while a Cornell business park is really only readily accessible to those coming by car or the occasional bus. So the county is willing to walk on coals and risk the ire of nearby residents in order to maintain a more accessible facility.

2. Before it was officially announced, the rumor that INHS was selected for the Immaculate Conception School had been floating around for a few weeks. Most of the city staff and officials I’ve spoken with were actually breathing something of a relief, because most of them know and trust INHS. Or rather, they trust INHS to be one of the less divisive choices out there. They’re local, they plan to have a mix of affordable housing and office space for family services-related non-profits, and they’ll be going through an open house process that will give residents a chance to help shape the project before anything goes up to the city for review.

Two details worth noting – for one, INHS does have timeline in mind for its redevelopment (new construction and renovations) to the site. It would like to have tenant occupancy by December 2021, so they’ve got three years to go from start to finish. Expect meetings this Spring and Summer, and probably a project submission by late summer for a fall planning board review and approval by the end of the year. That will give them time to start applying for and attaining affordable housing grants, and to break ground on the redevelopment sometime in 2020.

For two, the city of Ithaca intends on buying the school gymnasium on the northeast side of the parcel. The gym would be used for indoor recreation by the Greater Ithaca Activities Center (GIAC), which is just next door. They’re looking to pay $290,000 for the parcel. It is not clear if this was planned in conjunction with INHS, if INHS developed two separate purchase plans to accommodate that possibility, or if it simply throws a wrench into things. Generally speaking, gym access and affordable housing were the two signaled prerequisites for any city consideration of a Planned Unit Development (PUD), the DIY Zoning that would give more flexibility with site redevelopment. Regardless of PUD, I suspect renovation of the school and Catholic Charities buildings are one key redevelopment feature, and on the new construction side, the parking lot on the corner of North Plain and West Court Streets isn’t long for this world.

3. Tenant number two has been confirmed for City Centre – Collegetown Bagels will be moving from its 1,500 SF location at 201 North Aurora Street, to a 2,300 SF ground-level retail space inside the 192-unit apartment building. According to Edwin Viera at the Times, “Gregor Brous, owner and operator of Collegetown Bagels, decided to make the move after finding out the current building CTB is located in is being demolished.”

For the record, that’s a couple of years out. Visum Development does have plans for the site, which involve a mixed-use apartment building with approximately 60 units above ground-level retail. A sketch plan review was conducted back in 2015, but the plan has not undergone any formal review, and it has to undergo some redesigns anyway since they had planned to buy Jagat Sharma’s parcel at 312 East Seneca Street, and consolidate it into their project. Sharma instead sold to developer Stavros Stavropoulos, who has his own plans for a six-story building. The rumor has been that any redevelopment of the site is still a year or two away, but it is a likely prospect in the medium-term.

As for CTB, the larger space will allow them to try out some new concepts, expand their drink menu, and from the sound of it, add some alcoholic beverages to their offerings. This is not the first time they’ve looked at the Trebloc site, as they had tentatively agreed to move into State Street Triangle, had the building been approved and built.

4. Just to mention the Planning Board Agenda, for the sake of brevity, here’s the link, but not much is actually being decided on this month. Wegman’s is seeking yet another two-year extension on the 15,700 SF retail building they had approved in December 2014 (long rumored as a Wegmans-owned liquor store or a homegoods store similar to Williams-Sonoma). Amici House is seeking some signage variance approval and approval of site plan changes already made. This is likely to pass since its material color and detail changes, but because this was already done without consent and they’re going back to request consent after the fact, the board may have some harsh words. Amici House attends for its 23 studios to be available for occupancy by young, formerly homeless or otherwise vulnerable individuals by February 1st. Site plan approval is also on the agenda for the Maguire Ford Lincoln renovation and expansion. New proposals are the 200-unit mixed-use Visum affordable housing duo shared on the Voice today, and the Modern Living Rentals proposal for 815 South Aurora, which as touched on the other day, is likely to be pretty sizable.

The supplemental on the Falls Park senior housing project notes that the project is intended to qualify under Ithaca’s Green Building Policy under the “Easy Path” scoring system, and perhaps a bit disappointingly, the smokestack for Ithaca Gun, once intended for incorporation into the public space, will be coming down so that the ground beneath it can be cleaned during the remediation. However, smokestack bricks will be available as mementos for those who want them.

Heading to the ZBA will be a lot subdivision to split a double lot on Homestead Road back into two lots, the Amici House signage, and Agway’s plan to rebuild a 700 SF storage shed destroyed by fire, with a new one-story 1,400 SF structure. Zoning on its waterfront site requires two floors, but the new shed is only one floor and needs a variance.

 





News Tidbits 1/19/2019

20 01 2019

Now, let’s take a look at some notable property sales over the past few weeks. To make this easy, most sales documented in this post will use a standardized format for each entry.

1. What sold and for how much? 8 and 28 Newfield Depot Road, the parcel IDs for the 188-unit Valley Manor Mobile Home Park in Newfield, for $2,300,000 on 12/19/2018.

Who was the seller? Jim Ray Homes, a local manufactured and mobile home dealer, and mobile home park operator.

Who was the buyer? Cook Properties of Rochester, a mobile home management firm with properties across upstate New York.

Anything else? Not especially. The sale was just short of the tax assessed value ($2.3 million vs. $2.369 million), and while it’s a change of ownershipp, it’s also likely a maintenance of the status quo. Still, it’s a high-dollar sale worth noting. The assessment for mobile homes and manufactured homes is a bit funky, and I think the owners only own the lots, which likely contributes to the low price per unit.

2. What sold and for how much? 232 South Geneva Street for $533,000 on 12/20/2018, and 311-13 Farm Street in Fall Creek for $700,000 on 12/20/2018. 232 South Geneva is a 5-unit apartment building in the Henry St. John neighborhood; it sold for $302k in 2013, and $200k in 2008. 311-13 Farm Street is a 3-unit apartment building that sold for $505k in 2009. It includes 15 rentable bedrooms, and a portion that was set aside as an AirBnB by the previous owners, who had it on the market for $750k (assessment $610k). Both are small multi-family examples of the rapid price appreciation Tompkins County has been seeing in walkable urban areas.

Who was the seller? Jeremy Dietz for 232 South Geneva, and S&Y Investments, a California-based LLC (sales docs indicate the owners are John Scarpulla and Allyson Yarbrough) for 311-13 Farm Street.

Who was the buyer? An LLC associated with local landlord and developer Charlie O’Connor, owner of Modern Living Rentals.

Anything else? Don’t expect teardowns here. Generally speaking, that’s not MLR’s approach to Ithaca’s inner neighborhoods. Do expect them to stay rentals, probably with a renovation in the near future (see: 1002 North Cayuga Street and 202-04 East Marshall Street). O’Connor is flush with cash after his multi-million sale of the under-construction 802 Dryden Road to a Pittsburgh-based real estate investor last fall.

3. What sold and for how much? The Sprucewood Apartments in Northeast Ithaca, for $8,640,000 on 12/21/2018.  Sprucewood is a 108-unit apartment complex completed in 1966. All units are three-bedrooms, in eighteen six-unit buildings.

Who was the seller? The Lucente family, who run Lifestyle Properties in Ithaca. They own a host of other housing developments, including the Village Solars under construction in the town of Lansing.

Who was the buyer?  Winston Square LLC, an LLC associated with Stratford Management, a multifamily housing management firm with locations in six states.

Anything else? A case of “under new management”. The Lucentes are a whole lot richer, and Stratford, which mostly owns older apartment complexes across upstate, finally gets a toehold in the stable and lucrative Ithaca market. With it comes a new website and a name change, from Sprucewood to Winston Square. The apartments are primarily located on Winston Court, and the name comes from the late Rocco Sr.’s penchant for naming streets after cigarette brands in the 1950s and 1960s, hence the nickname “Cigarette Alley” for Northeast Ithaca. I don’t imagine that will be a part of the advertising pitch.

4. What sold and for how much? 815 South Aurora Street, for $385,000. The property includes a 2,845 SF industrial building and a 2,537 SF warehouse on 1.85 acres on South Hill. A radio and telecommunication tower is on site.

Who was the seller? Harold Fish. The Fish family has owned the property since at least the 1950s.

Who was the buyer? “IC Overlook LLC”, which appears to be associated with Modern Living Rentals and its owner, Charlie O’Connor.

Anything else? With Todd Fox, O’Connor proposed an 87-unit (all studio units) apartment building for the site in 2015, and in order to move forward, the duo had to make a case for the city to change its rules for building near radio and telecommunication towers. Most communities use the height plus 10 feet; at the time, Ithaca used double the height. This is a 170-foot tower, so that meant a 340 foot radius, instead of 180 feet as seen in most communities. The logic is the height plus a bit for bounce; but planning staff mused that Ithaca was a bit paranoid when the legislation was drawn up in the 1990s. The zoning code was revised, but such that it’s height plus 20% – a 204 foot radius, so the project had to be redesigned a bit. The last that was heard, plans were being for a 125-bedroom project in December 2016, but nothing came to light.

Until now. A sketch plan is scheduled for the planning board meeting next week.

5. What sold and for how much? 327 West Seneca Street, for $235,000 on January 11th.

Who was the seller? The estate of Orson Ledger, a man who was known in his decades of Ithaca for providing affordable housing by running his properties into the ground so that assessments would be low. Folks involved with Ithaca’s rental market in decades past tend to have strong opinions about Ledger, who died in a car accident five years ago.

Who was the buyer? An LLC tied to Visum Development Group.

Anything else? It means Visum’s 12-unit workforce housing proposal approved for 327 West Seneca Street is now one step closer to happening.

6. What sold and for how much? 305 West Green Street, for $560,000 on January 17th. 305 West Green Street is the former Ithaca Plastics. The property hosts a 2,400 SF home and a 5,150 SF industrial building.

Who was the seller? Richard and Sharon Buechel of Dryden, who had owned the property since 1989.

Who was the buyer? Cascade Studios LLC, which is registered to the address of Ithaca musician Brian Thrash.

Anything else? Generally not wise to take guesses on these sort of things, but plans for a music/recording studio, perhaps?

7. Something that catches the eye – local landlord Ed Cope has been actively selling off many of his rental properties. 310 Farm Street was sold for $365,000 on 12/28 to Jonah and Alicia Freedman, as was 312 Farm Street, for $395,000 on the same day. 513 South Aurora Street was also sold on December 28th, to Andrew Schreck for $425,000. Cope sold out of his share of 324 West Seneca Street for $180,200 on January 17th, and sold out of his share of 318-20 West Seneca on the same day for $349,800. That’s in addition to the sale of 115 Linn Street for $540,000 last October. That’s six sales in four months.

Vice-versa, Cope bought 107-09 Hudson Street from the estate of Sophia Tselekis for $540,000 on January 10th. Previously, Cope purchased 115 Hudson for $495,000 in October, and 108-110 Hudson Street for $460,000 in September.

All of this is to suggest that Ed Cope has been a very busy man lately. It would look as if he’s selling off properties to finance purchases of other properties clustered on the 100 Block of Hudson Street, just south of downtown and Six Mile Creek. Cope already owns 105 Hudson Street and 201 South Aurora Street on the corner, 114 Hudson, 117 Hudson and 118-120 Hudson. That leaves three properties in that cluster of eleven that he doesn’t own – 101, 111 and 112 Hudson Street. It’s not clear if something is in the works, but it is curious.

Now onto building loan agreements:

8. Where property received the construction loan? 232-236 Dryden Road, also known as “The Lux”, a 206-bedroom pair of student-oriented apartment buildings completed in 2018.  Visum Development Group completed the project, and plans are in the works for an eight-unit, 16-bedroom third building at 238 Dryden Road.

Who gave them the money? MF1 Capital LLC. The LLC is joint venture between real estate megafirm CBRE, Limekiln Real Estate of New York and Berkshire Group of Boston. According to online reports, it’s a mortgage REIT (Real Estate Investment Trust) focused on providing cash equity to multifamily (about 75% of its business) and seniors housing (the remaining 25%). A bridge loan is a short-term (2-3 year) financial solution, used as a “bridge” when a developer needs quick cash for a prime opportunity and has yet to obtain conventional construction loans. They’re usually easier to obtain because the analysis that goes into determining whether or not to extend the loan is less extensive, usually based on property value (which means a high-value loan in the case of a large Collegetown property). The trade off on these loans is that they often come with a high interest rate; and with that short term period, the loan will have to be paid back within a few years.

What it suggests here is that Visum has put most of its revenue right back into its latest plans in the form of working capital, and that there’s high confidence both in themselves and from the investor that those plans will be successful. That seems to make the most sense given Visum’s explosive growth. On a related note, $1.5 million would be about right for a new eight-unit apartment building on this site.