News Tidbits 7/15/17: Ess Ess, Dee Dee

15 07 2017

1. Hamilton Square. There’s a lot to say here.

First, the neutral segment. The website is up, www.southstreetproject.org. Plenty of renders (definitely not cookie-cutter), site plans, housing prices, everything one needs for a fair assessment. The units are no more than 2 floors, mostly townhouse format. 47 affordable rentals units, 11 affordable for-sale units, and 15 market-rate for-sale units for a total of 73 on a 19 acre site. That’s less than 4 units per acre (0.26 acres/unit, comparable to the older 0.25-0.5 acre lots on Pennsylvania and South Streets), and fits zoning. The units are interspersed throughout the property. Parking ratio is 2 spaces per units, units are a mix of 1-3 bedrooms. There will be aging-in-place and energy efficient home options for sale, as well as in the rentals. The project will host a playground and nursery/daycare facility geared towards low and moderate-income households. Much of this comes from the result of constructive community feedback.

But what started off on a polite note is getting really ugly, really quickly. It is not a good sign when my editor calls me and tells me that, as a person of color, she felt uncomfortable at the latest meeting.

Given the transparency of this process, which still hasn’t even been submitted for formal planning board review, I find comments about this being “hidden” or rushed through to be a stretch. The project hasn’t submitted anything for formal review yet. Nothing but a sketch plan has been done, and multiple community meetings, and 30-minute small group listening sessions. It really does not get much more personal than that.

One of the questions that was raised was that people are unable there are many more affordable rentals than for-sale units. There are two reasons why that is. For one, funding for purchasable units is more difficult to get. The government is more likely to disburse a grant if it knows there are buyers waiting in the wings. That’s why the buildout for the for-sale units is 2-8 years. For two, for low and moderate-income households often don’t have much money saved for a big expense such as down-payment, and far more are capable of renting versus buying.

There are valid concerns that need to be addressed. For example, traffic. A study is being conducted with a third party. The typical thing I hear, affordable housing, or any project really, is that “they’ll lie, they’re in XYZ’s pocket”. If no one trusts you to do your job properly, no municipal board will sign off on accepting your study, and you’re finished as a firm. Likewise with stormwater analysis and civil engineering. School system capacity is checked with the district, which basically just sends a letter saying “yes, we have room” or “no, we don’t have room”. The study is being conducted and will be made public long before any approvals are granted, people can weigh in after reading it to say whether it’s comprehensive and adequate, and feel free to say something and explain why it may not be. That’s the purpose of SEQR, to determine impacts and mitigate unavoidable impacts.

On a related note, a board’s job is to review the objective components of a project. It is not appropriate, or legal, to decide on a subjective trait like whether the people who will live there fit the “Trumansburg way of life” or that the project is “too Ithacan”. Who decides what those things are? Because too quickly, it degenerates into a look or an image, and a train of thought that should never be a part of any development conversation. Because it’s subjective, those terms meant something quite different in 1997, and something quite different in 1977.

Also, there seems to be this idea that poor people in urban neighborhoods will be forced out here, and they will be a burden on TrumansburgThere are plenty of people who live and work in Trumansburg who need affordable options in a rapidly-appreciating real estate market. The one bedrooms will be rented to individuals making $22k-$48k. That could be a store manager, a barista, a school teacher or a retiree. Tenants are screened, visited at their current home and interviewed before being offered a unit. Qualified affordable home buyers will mostly be in the $42k-$64k range (80-120% AMI). Think nurses, office workers, tradespeople (following INHS’s sales deeds, I actually see a lot of ICSD teachers). The market rate units will offer whatever the market allows price-wise; new townhouse-style housing in Trumansburg would likely fetch $250k+, so think upper-middle income.

It would be nonsensical to make people in Ithaca move into housing in Trumansburg that they don’t want and would drive up their costs; however, those who want to live there, whether because they admire Trumansburg, work there, or both, will seek the opportunities it provides.

For a county that seems keenly aware of its housing issues, there tends to be an uncomfortable amount of pushback against affordable housing, whether it be Fall Creek, South Hill, Lansing or Trumansburg. Does that qualify as being “too Ithacan”?

2. Taking a look at the county’s records this week, it looks like 210 Linden Avenue’s construction loan has been filed. Elmira Savings Bank is lending Visum Development (Todd Fox and associates) $3.15 million, with $2,358,783 towards the hard costs (materials/labor) of replacing the existing 12-bedroom student apartment house with a 9-unit, 36-bedroom apartment building. Elmira Savings Bank is one of the biggest single-family construction loan lenders in Tompkins, but they have only been the lender for a few multi-family projects. The only other multi-million project in the past few years was the 18-unit Rabco Apartments at 312 Thurston Avenue in Cornell Heights – a project that, along with the cancelled 1 Ridgewood, so incensed deep-pocketed permanent residents nearby that they petitioned and succeeded in getting the city to downgrade the zoning.

Also filed this week was a $415,000 construction loan from Tompkins Trust to the owner of Hancock Plaza on the 300 Block of Third Street in Ithaca’s Northside neighborhood. The 19,584 SF shopping plaza, built in 1985, is assessed at $1.485 million and has been under its current ownership since 2002. Most might know it for the DMV, but it also hosts Istanbul restaurant, a bookkeeping service, and a gas station and convenience store that opened in renovated space in 2015. There’s no indication in the loan as to what kind of work will be performed, about $363,000 has been set aside for hard costs like materials and labor, and the work is required to be finished by March 2018.

3. Also filed in both sales and construction loans this week was paperwork for 306 North Cayuga Street, right next to DeWitt Park on the edge of Ithaca’s downtown. Also known as the C. R. Williams House, the 8,798 SF, ca. 1898 property was assessed at $900,000 and on the market for $1.4 million last year. The sale price was $1.3 million.

I was privy to an email chain that engaged an out-of-state condo developer to look at the property, but that person was not the buyer.  The LLC traces back to Travis Hyde Properties, just a few blocks away.

According to Frost Travis of THP, the plan is to renovate the live/work space to allow for more space for THP, which is outgrowing its North Tioga Street location, and four apartment units. Exterior changes will only be cosmetic, but any substantial changes will be subject to ILPC approval, as the property sits in the DeWitt Park Historic District. Elmira Savings Bank is lending $1.24 million for the renovation, of which $1,204,752 is going towards the actual construction (so apparently, this was a big week for ESB). The project is expected to be complete by next summer, according to the loan filing.

4. For the aspiring homebuilder or developer – new to the market this week, a run-down though salvageable 1830 home at 1975 Dryden Road just east of Dryden village, and 101 acres of developable vacant land currently rented out for agricultural use. The sale price is $795,000. The county GIS lists the property at 112.4 acres, but without a map in the listing, it’s hard to tell if there’s a typo or if there might be a subdivision somewhere. The assessment is for $531,900, $401,300 of which is the land. It appears the property has been in the ownership of the same family since 1968. The property is listed as a rural agricultural district, which is geared towards ag uses, but permits office, one-family and two-family homes as-of-right; multi-family and box retail require special use permits. Zoning is one unit per two acres, but in the case of a conservation subdivision that preserves open/natural space, it’s one unit per acre – either way, only about 50 units allowed here. Technically, a PUD (aka DIY zoning) is also an option, but would need adequate justification. Kinda hoping it doesn’t become conventional suburban sprawl, but will reserve judgement for when this sells.

 

5. Ithaca is once again competing for $10 million in state funds as part of the regional Downtown Redevelopment Initiative. The funds are intended to spark investment in urban cores and improve infrastructure for communities throughout the state, ten cities selected each year, one in each region. Readers may recall Elmira won last year. This year, Ithaca is competing against two of its Southern Tier peers – Watkins Glen, with which it competing with last year as well, and Endicott, a struggling satellite city over by Binghamton, that is entering the competition for the first time. Reports suggest the Ithaca submission is largely the same as last year’s. Winners will be announced in the fall.

 

 

 





210 Hancock Construction Update, 6/2017

18 06 2017

210 Hancock is chugging towards completion later this summer. Lecesse Construction has all four sub-components of the apartment building have been framed and sheathed. Building A is almost finished from the outside, with some exterior finished and trim still on the to-do list. The Blueskin will be faced with Alpolic aluminum panels, some of which have already been installed. Masonry work is underway on Building C, using Redland Whitehall Brick (it’s not often one sees unpainted white brick). More information on the exterior materials can be found in April’s post.

Note that the buildings are all elevated at least a few feet from ground level, and it’s particular noticeable with the five rental townhouses on the northeast corner. This is because of floodplain restrictions – several blocks of Fall Creek and Northside have the unfortunate luck of being in the 100-year floodplain, and most of Northside except for few blocks around Lewis and Jay Streets are in the 500-year floodplain. This approximated frequency is at risk of decreasing as the inlet gets clogged and layered with fresh silt, and with less volume and capacity, the un-dredged inlet would be more likely to have a high water event overflow its banks. It’s one of many reasons why the city is pressing for state dredging of the inlet before disaster strikes.

WHCU reported a few weeks ago that INHS has had no shortage of applicants for the 210 Hancock rentals. After receiving over 200 applications, they set up a lottery in which 122 “made it through” , and then selected the top 60 (there are 59 rental units though…might be a just in case there’s a drop-out, or it could just be conversational rounding). If it’s anything like New York City’s lottery, what happens is that each application is validated, sorted for requested unit type, and is assigned a randomized log number – those who get 1-48 for the one-bedroom subset, and 1-11 for the two-bedrooms subset, are awarded dibs on a unit, so long as they pass the income check and background check. In previous measures, about 86% of rental applicants, six out of every seven, came from inside Tompkins County, with just under half from other parts of the city of Ithaca.

The seven for-sale units are also just beginning sales marketing. The three on Hancock are, from east to west, 204, 206 and 208 Hancock Street, and the four for-sale units on Lake Street going south to north are 406, 408, 410 and 412 Lake Street. 206 Hancock, 408 Lake and 410 Lake will be 910 SF 2 bedroom, 1.5 bath units that will sell for $112,000 to qualified buyers. 406 Lake and 412 are 1088 SF, 2 bed 1.5 bath units priced at $129,000. The largest units, 204 Hancock and 208 Hancock, are 1300 SF, 3 bed 1.5 bath units that will sell for $145,000. The plan is to have buyers lined up for all seven units by the end of the year.





News Tidbits 6/10/17: In High Demand

10 06 2017

1. Start off this week with some eye candy. Here are the latest renders for Visum Development’s 191-bed, 60-unit project at 232-236 Dryden Road. The biggest change here is the Dryden Road facade – revised fenestration, and the addition of shingle-style balconies. STREAM Collaborative’s intent is to give the south building a little more historical sensitivity – when the Cascadilla school still had a dorm in the late 1800s and early 1900s, it included a 4-story shingle-style dormitory complete with dining room and gym. The balconies are throwbacks to the dormitory’s balconies.

However, given that this building will date open in 2018 and not 1898, instead of wood shingle, the balconies will use Allura “Redwood” fiber cement shinglewood pulp mixed with sand and cement, shaped for a wood-like appearance, but with the durability of concrete. Fiber cement is also more expensive to buy and install vs. materials like vinyl, which is why only more expensive or visible structures tend to use it. Other planned materials include Endicott manganese ironspot velour brick veneer, fiber cement panels with LP smart trim painted in Sherwin-Williams Pure White and Anonymous (actual name), lap siding in SW Pure White and Marigold, granite grey stucco (*real* stucco, not DryVit), a metal canopy and Andersen windows.

2. Business is good for STREAM Collaborative. So good that they’re expanding both in staff and space. The young, prolific architecture firm led by Noah Demarest will be moving out from its location in the City Hall Annex at 123 Sough Cayuga Street, and into a larger downtown space in the ca. 1872 Gregg Block at 108-112 West State Street, across from the State Theatre. The new digs are being renovated now, and are expected to be ready for occupancy by July 1st.

On another note, the owner of the city hall annex has taken to advertising the office space on Cragislist, which seems like the wrong choice to me. An apartment, sure. A house for sale or offices to rent? My impression is that folks prefer a more professional medium than what Craigslist offers. Kinda the same with jobs – servers or dog-sitters, sure. Accountants or architects? Ehh.

Maybe I’m just behind the times. Here’s the posting for the former Hal’s Deli on the 100 Block North Aurora Street. $5500/month.

3. WHCU is reporting that INHS has had no shortage of applicants for the 210 Hancock rentals. After receiving over 200 applications, they set up a lottery in which 122 “made it through” , and then selected the top 60 (there are 59 rental units though…might be a just in case there’s a drop-out, or it could just be conversational rounding). If it’s anything like New York City’s lottery, what happens is that each application is validated, sorted for requested unit type, and is assigned a randomized log number – those who get 1-48 for the one-bedroom subset, and 1-11 for the two-bedrooms subset, are awarded dibs on a unit, so long as they pass the income check and background check. Unit occupancy is expected late this summer, and marketing for the seven for-sale units will start…

4. …pretty much now. The three units in the first image are 204, 206 and 208 Hancock Street, the four for-sales in image two are from L to R, 406, 408, 410 and 412 Lake Street. 206 Hancock, 408 Lake and 410 Lake will be 910 SF 2 bedroom, 1.5 bath units that will sell for $112,000 to qualified buyers. 406 Lake and 412 are 1088 SF, 2 bed 1.5 bath units priced at $129,000. The largest units, 204 Hancock and 208 Hancock, are 1300 SF, 3 bed 1.5 bath units that will sell for $145,000. The plan is to have buyers lined up for all seven units by the end of the year.

5. The county legislature has approved the Heritage Center acquisition. The county will pay $2 million for the 18,500 SF property, about $400,000 below assessment. Tompkins Financial Corporation is parting with its former offices next spring as it moves into a new HQ a block away. The plan is to have the heritage center, which will host tourism and history-focused non-profits, open for occupancy by the end of 2018, just as The History Center’s lease at 406 E. State runs out.

6. Seems like Lakeview is serious about their West End mixed-use project. The mental health services organization just purchased three properties on Thursday the 8th – 326 North Meadow for $150,000, 711-13 West Court Street for $525,000, and 329 North Meadow and 709 West Court (same owner) for $550,000.

Lakeview is planning a mixed-use 5-story building with a small amount of first-floor retail and 50 apartment units, all of which would be affordable, and half of which would be set aside for those with mental health ailments who are generally independent, but will have Lakeview staff to turn to in times of need. The project team requested $250,000 from the city IURA to help finance the $20.1 million project, but were only awarded $50,000 since it’s still at a relatively stage without detailed plans. The project team expects to submit their project for review later this year, with a 2018 construction start.

7. Tiny Timbers is doing well. In an update to their website, they note the completion of their first house, a “lofted L” model just over the county line in Hector, and a new house planned in Enfield (given that Enfield permitted just one new house last year, there’s probably a joke in there somewhere). There is another home just getting underway in Lansing’s Farm Pond Circle development, and a fourth will start soon on Grandview Drive in the city of Ithaca’s portion of South Hill. All the new units will be “big cubes” like the render shown above.

8. Looking at the city of Ithaca’s planning department memo this month, there’s nothing new to note for June. Smaller projects tend to show up in the memo, since the sketch plan for feedback isn’t as big of a deal for a small proposal, like a new store or a modest apartment building. Finger Lakes ReUse’s 22 studio units for vulnerable/formerly homeless populations will have its public hearing and Determination of Environmental Significant (step before prelim approval), the McDonald’s rebuild will have Declaration of Lead Agency, public hearing, BZA recs and DoES, 232-236 Dryden will have its DoES vote, and the Old Library redevelopment and 238 Linden will be up for approval.

9. Finishing off this week with a word of approval – the Dryden town board gave approval to Gary Sloan’s 36-unit Evergreen Townhouses at 1061 Dryden Road, per Cassie Negley at the Ithaca Times. At the boards’ (both planning and town) encouragement, the solar panels were replaced with electric heat pumps, which could utilize off-site solar and open up the possibility of a more environmentally sustainable project overall, given the proliferation of solar arrays underway in Tompkins and the region (my off the cuff estimate has at least enough solar arrays planned in Tompkins in the next 18 months to power over 10,000 homes). A play structure and 11 more parking spaces were also added.





210 Hancock Construction Update, 4/2017

23 04 2017

There is so much going on at INHS’s 210 Hancock site, this might be the record for most photos in a single construction update. Let’s go counterclockwise from the southwest corner, since that’s the order these photos were taken.

With the apartment building string, Section “A”‘s Blueskin has been mostly bricked over with Redland Heritage Brick. Some Blueskin remains exposed in areas that will be faced with Alpolic exterior metal panels. Fingers crossed that the mustard yellow shown in the elevations looks less jarring in person. It looks like an additional layer of thermal insulation was installed above the windows to go between the Blueskin and the metal panels (mostly dark grey, a few yellow…technically they’re called Alpolic Charcoal and EYL Yellow. the armchair architect in me really wants to harp on the yellow metal panels. I remember a Noah Demarest quote about yellow being a really hard exterior color to pull off. Why not a red or an orange-brown?). The roof is finished and interior fixtures and flooring are being installed.

Then we get to the first string of three for-sale townhouses, which will have addresses for the 200 Block of Hancock (apart from 202, I’m forgetting the exact numbers). They look nothing like the elevations submitted for IURA review, and that is not a bad thing. INHS is using Certainteed clapboard siding on the exterior. The one on the west (left) is “Autumn Red”, and the one on the east (right) is “Mountain Cedar”, both of which were used on the Stone Quarry project. The shades of brown and grey are so similar it’s hard to tell what the middle one is, maybe “Hearthstone”. It looks like a mixture of sizes as well, maybe 4″ on the left and middle, and 7″ Mountain Cedar on the right. The trim pieces are Certainteed vinyl and vary slightly in color, neutral whitish or tannish shades like “Sandstone Beige”, “Natural Clay” and “Desert Tan”.

Circling around to the 400 Block of Lake Avenue highlights a construction contrast between the for-sale units and the five for-rent units further north. The for-sale units are wood-frame, plywood Huber ZIP sheathing, and exterior finishes. The for-rent units are wood-frame, standard plywood sheets, Tyvek Housewrap, and exterior finishes. The difference between the two is really a matter of preference – both are effective water-resistive barriers if installed properly. ZIP panels tend to be easier to install (lower labor cost), but more expensive as a product.

The Certainteed colors on the rentals are “Spruce”, “Sable Brown”, a split-level “Autumn Red/Hearthstone”, “Flagstone” and another “Autumn Red”. Some of these will be 4″ clapboard, others 7″ shingles – all Certainteed, all to give the impression of individual units so they play well with their older, detached neighbors. The Spruce Green unit looks a little odd with that big blank wall above the porch, and in the renders and elevation it appears to be bigger than the final product.

Apartment sections “C” and “D” are still being framed, and “B” has been fully skinned and fitted out with windows. “B” will be faced with will use Carolina Ceramics Teakwood Brick and Morin blue-grey corrugated steel with pearl, EYL yellow and charcoal Alpolic metal panels, “C” will use Redland Whitehall Brick (white brick) as well as Alpolic panels, and “D” will use the same Heritage Red brick as “A” but, with some corrugated steel on the stairwell. “C” and “D” also have a first-floor covered parking garage. The garage will be face in Barnes and Cone Masonry, but the city’s November 2015 filing makes reference to a product that doesn’t appear in their brochures.

The apartment will be ready by August 1st, and the for-sale units will be on the market by the fall. Lecesse Construction is the general contractor.





210 Hancock Construction Update, 2/2017

20 02 2017

Normally construction sites get updates every two months. But at the INHS Hancock project site, things are getting really interesting in a short time.

First, the main apartment building. In just the past month, section “A”, the southernmost wing, has been wrapped in Blueskin, roofed, and the windows have been fitted. Answering a question from a few months back, it looks like the Blueskin’s purpose is to be the water/vapor membrane under the brick. The section of “A” under the weatherproof plastic tenting is being bricked – a few loose bricks can be seen in the last photos through holes in the plastic. Not only do the workers appreciate some protection from the elements, brickwork requires temperatures to be kept above freezing so that the water in the mortar doesn’t freeze out, so not only is there plastic wrap, Lecesse has also deployed portable heaters. Section “B” will follow with the Blueskin sheathing, roofing and window-fitting, and then “C” and “D”, which host the indoor garage (hence the CMUs) and are still being framed out.

The five rental townhouses have a typical wood-frame build-out – first comes wood framing and roofing, then tar papered and shingling, housewrapping and window fitting. Interestingly, the seven for-sale townhouses (collectively referred to as “202 Hancock”) are using Huber ZIP sheathing panels, which the rentals did not. The Hancock street trio of homes have been framed but not roofed, while the Lake Avenue quartet are still being framed out, awaiting the rest of their roof trusses. The insides of the for-sale homes are still just bare stud walls at this point, while the rentals are probably far enough along that most utility rough ins have been completed, and sheetrock is being hung in the units. All in all, Lecesse Construction and their subcontractors have been moving at a very good clip over the past month or so.

A construction loan filing on January 23rd states Tompkins Trust lent INHS $1,581,796 to finance the 202 Hancock units. The total cost (hard and soft) of the seven for-sale units is estimated at $2.36 million. The five two bedroom units (1,147 SF) will be sold for about $114,000, and two three-bedroom units (1,364 SF) for $136,000, to qualified applicants making 60-80% of local AMI, or $37,000-$49,000/year.

For the sake of comparison, the apartment building and for-sale units are partially financed with a $7,790,511 loan from a Citibank fund – through an LLC, Citibank bought the low-income housing tax credits (LIHTCs) awarded to the project by New York State. The apartment building’s total cost comes to $13.8 million, with the rest financed through INHS’s money, federal tax credits, housing grants and a low-interest loan from the state’s housing division (NYSHCR).

Renters or homeowners interested in obtaining a unit can fill out an inquiry form here. The rentals will be ready for occupancy by August 1st, 2017, and the for-sale units are looking at a November 2017 completion.

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News Tidbits 2/18/17: Credits and Loans

18 02 2017

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1. Over in Lansing village, it looks like the new Arleo medical office building is starting to moving forward. A sketch plan of the project was presented at the village planning board’s meeting earlier this week. Although Lansing doesn’t upload accessory docs like site plans and elevations, this one has been floating around for the past several months in marketing material as “Cayuga Ridge”. Quoting the May 7th 2016 news roundup:

“The new one-story building, which appears to be designed by Binghamton-based Keystone Associates, would be off of Warren Road, although it looks like the building would be accessed from a driveway coming off of Uptown Road. The 2.71 acre property north of 100 Uptown Road is zoned “Human Health Services District” by the village, and borders undeveloped land owned by Cornell, and several other suburban medical office buildings built over the past few decades. The resolution on the attached site plan is too low to determine the square footage, though it looks to be in the low tens of thousands.”

labourgade-on-seneca-dormer2

2. For those who like their cottages tiny – it looks like Schickel Construction has begun work on the spiritual successor to their 140-unit Boiceville Cottages project in Caroline. The 40-house rental development is called “La Bourgade on Seneca”, and is located in the town of Hector, in Schuyler County just outside of Burdett village. For the record, Bourgade is a French term for an unfortified village or settlement. More details can be found on the website here. There will be two cottage types available -, “The Classic”, a 2-bedroom, 900 SF plan that will rent at $1,495/month, and “The Spacious”, a 2-bedroom with a dormer loft space totaling 1,000 SF and renting at $1,695 month. The house very much like their Boiceville cousins, but with angled eaves (dunno what the correct term is and google’s not helping – if there’s an architect reading, please chime in). All units will have lake views.

Personally, I see this as a stretch for the Ithaca market, since it’s 25 miles west of the city. But it might tap into a more plebeian contingent the wine country crowd, the wealthier of whom have taken to building grand vacation or permanent homes along the Finger Lakes in recent years. The first 9 units, three clusters of three, are currently under construction, as is a community center. Delivery is expected in May 2017.

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3. It looks like Ithaca College is putting some more thought into their housing needs. The college has been meeting with planning firm U3 Advisors to explore the possibility of new off-campus student housing.

U3 Advisors is already familiar with the area, as they are also under contract with Cornell to formulate their off-campus housing plan. Unlike Cornell, however, Ithaca College has no plans to grow enrollment – the master plan expects it to stay steady around 7,000. However, many of the dorms are reaching the end of their useful lives, meaning that the college can either sink a fair sum into renovation and replacement of utility systems, or tear down and build anew. An off-campus option could either be a private entity on private land, or a deal on IC-owned land like what Cornell and EdR are doing with Maplewood. A 200-300 bedroom off-campus option could mesh with the town of Ithaca’s visions for a walkable South Hill neighborhood on the intersection of Route 96 and King Road.

It’s still just studies and meetings at this point, but as the oldest dorms hit 50 years old on South Hill, there might be something fresh in the pipeline. We’ll see what happens.

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4. Ithaca’s West End will be welcoming a new tenant in the next couple months. Courtesy of Nick Reynolds over at the Times, the USDA is shifting its regional office out of Community Corners in Cayuga Heights, and into Fulton Meadows, a commercial office building at 225 South Fulton Street. the move is being undertaken in anticipation of the construction of Tim Ciaschi’s new Cayuga Medical Associates office building, which is set to get underway at Community Corners later this year.

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5. Looks like we have an idea of the price tag for Visum Development’s 201 College Avenue. According to a construction loan filed with the county on the 15th, S&T Bank loaned Todd Fox’s company $7,870,673 to help cover the costs of the project. The breakdown in the filing says $6,841,038 for hard construction costs (materials/equipment/labor), $507,000 in soft costs (permits/legal/marketing/financing fees), $300k in contigency and $226k in interest reserves. Add in the $2.64 million for the land purchase, and the total comes to $10,514,180.

That’s something of a premium because the project is on an accelerated schedule after the big hullabaloo with Neil Golder and the city Planning Board last fall. Note that the loan doesn’t cover all the costs and that there is money from other sources, like cash equity from Visum itself.

S&T Bank is a regional bank based out of Western Pennsylvania, but they’ve been making inroads into Ithaca’s commercial lending market. S&T Bank also financed the construction of the Holiday Inn Express that recently opened on Route 13, lending $5,973,750 to the hotel developers.

Quick aside, I think this is the first time I’m seeing the square footage calculated out – 201 College will be 33,398 SF.

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6. Hopefully this runs after by INHS refinancing explainer, so it makes more sense. Quick rehash, low income housing tax credits (LIHTCs) are sold to banks and similar financial institutions so that they get the tax credit, and the affordable housing developer gets the money they need to move forward with a project. With that in mind, here’s an interesting though unfortunate tidbit from INHS’s Paul Mazzarella:

“This following may be more than you want to include in this article, but it is relevant.  The pricing of tax credits exists in a marketplace where they rise and fall in value.  In past projects completed by INHS, we’ve received from $0.91 to $1.02 of equity investment for each dollar of tax credit.  The pricing of tax credits has recently plummeted because of the recent election and the uncertainty in DC.  This is mostly due to discussions about changing the corporate tax rate.  A lower corporate tax rate will mean that companies have less profits to shield from taxes and therefore the demand for tax credits will be reduced.  Even though no changes have yet been made to the corporate tax rate, just the discussion about this has reduced the pricing of tax credits to around $0.80.  What does this mean for INHS? It means that the project that we’ve been working on for several years suddenly has a funding gap that didn’t exist a few months ago, due entirely to investor’s fear of risk due to an uncertain future..  This is true for every tax credit project in the country and has all of us struggling to make the pro formas work.”

Sigh. Politics.

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7. The Times has the first render for Habitat for Humanity’s two-family townhouse project at 208/210 Third Street on the city’s Northside. It looks to be the same architect as the 4-unit project for 402 South Cayuga – I can’t seem to find the architect offhand as a few designers have donated time and energy, but local planner George Frantz shepherded the project through the approvals process. Each unit is about 1500 SF. The plan for the $305,000 project is to break ground in April and have the move-in ceremony in Spring 2018. As with all local Habitat projects, a portion of the construction will come from volunteer labor, including 500 hours of “sweat equity”, and homeownership classes that the two recipient lower-income families (making 60% AMI or less, $32,000/year) will need to complete as part of the deal.

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8. Wrapping this up with the local agendas for next week – the town of Ithaca will be looking at a home B&B permit on Bostwick Road, a retaining wall for Ithaca College’s track, and finishes touches on the Maplewood approvals. The city’s project review meeting indicates the city plans to look at the subdivision at 109 Dearborn Place, Declaration of Lead Agency and Environmental Review for the 11-unit 107 South Albany Street plan,  and “Approval of Conditions” for City Centre, which is just making sure they’ve completed everything asked for in the final approval. In sum, nothing too exciting at the moment, but we’ll see if the city has any new projects coming up when the actual PB agenda comes out next week.

9. Quick note to wrap up – the woman behind the Rogues Harbor Inn in Lansing has purchased a prominent and historic building on Freeville’s main drag. Eileen Stout purchased 2 Main Street, a mixed-use building with restaurant space, a tile shop and three apartments, on Thursday for $132,000. The seller was Tompkins Trust and it’s well below assessment – doesn’t look like a foreclosure though. The bank bought the property for almost double the price in May 2016.





210 Hancock Construction Update, 1/2017

9 01 2017

So much to see over at the 210 Hancock site. First, the prefabricated wood wall panels of section “A”, the south wing of the apartment building, are up to the top (fourth) floor, and one gets a pretty good idea of the vertical scale of the building. For the record, roof height will be 46 feet, not counting mechanicals. The second section to the north of it, “B”, was designed by HOLT Architects to be a little closer to the street, so it looks less like one continuous wall, and helps create the impression of separate structures. The first floor of these two subsections, which is framed by metal and wood rather than wood alone, will house the daycare, rental offices and commercial space. Sections “C” and “D” will consist of apartments over the indoor garage, which is currently wrapped in plastic sheeting, and separated from the other two section by a CMU stairwell.

The rental townhouses are fully framed (210 Hancock’s website says window install is expected to start soon), and it appears that Lecesse has start construction on the seven for-sale townhouses – the foundation walls have been excavated and poured. These units have a slab (shallow) foundation, and not having to worry about excavation allows the townhouses to move along at a faster clip. The apartments and rental townhouses should be ready by August, the for-sale townhouses by November. Ithaca Neighborhood Housing Services (INHS) has a website up for rental applications here and qualified home-owners here.

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