802 Dryden Road Construction Update, 5/2019

2 06 2019

Still clearing the photo cache. From the Voice, with the abridged photo set:

“Next to the Cornell Arboretum, the 42-unit, $7.5 million Ivy Ridge Townhomes are fully framed, and two of the townhouse strings are practically complete from the outside. The website for the project touts that two of the buildings are 100% leased, which doesn’t give any clues about what percentage of all the units are leased — I could tell you the first two houses on my street are occupied, but if the other five are vacant, then that paints a substantially different picture of my street. But hey, apparently they’re giving $20 lunch gift card as a thank you for doing tours, so we know it’s not 100%.

Looking at the website FAQ, it’s clearly geared to Cornell students, and though rents haven’t been posted on most websites, it looks like C.S.P. Management has discreetly posted the figures online. 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 children’s playground, and a dog park. Occupancy/project completion is expected by mid-August, in time for the fall academic semester.”

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It looks like once the buildings are framed, sheathed and fitted with windows and doors, wood rails are attached over the housewrap for the vertical siding, which is attached in segments. Two of the seven-unit apartment strings (“E” and “F”, using the earlier nomenclature) are largely complete from the outside with the exception of structural trim and finish work (porches/balconies/awnings), two others (“D” and “C”) have exterior siding being applied, one was sheathed but not fitted with rails (“A”), and the last one, on the right in the first image (“B”), is still in the process of being sheathed, though I believe it started construction before “A” did. This is all work that can be finished in time for the school year. The website FAQ claims June; dunno about that.

While landscaping won’t come until the end, it looks like the wood and concrete bases for the “Ivy Ridge” monument signs are in place out front.

Units will come partially furnished, as many student-oriented and young professional residential facilities do. Bedrooms include a queen-size bed, a four-drawer dresser, a desk and a chair, and a headboard with an integrated shelf and a USB charger. In the commons area, there will be a dining table with chairs, a couch, a living room chair, a coffee table, an entertainment center, and a side table. Included in the rent are water, sewer, high-speed internet, cable, trash, and recycling. Residents are only responsible for electricity. The website seems to be making a bit of an effort to downplay the student side of it, probably for Dryden’s sake, but being right on the eastern edge of Cornell will certainly give them and edge over most of the rentals in the Varna and West Dryden areas.

More information about the project and its recent sale between developers can be found here and here.





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.