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.

 

 

 





News Tidbits 6/25/17: Lazy Sunday

25 06 2017

1. Starting off with the new project of the week: 42-unit, 108-bedroom 802 Dryden Road. As relayed on the Voice, the parcel currently hosts several rental properties in varying condition. The project is Modern Living Rentals’ largest to date, partly because developer Charlie O’Connor tends to focus more on smaller infill in urban areas.

Although no time table has been given for the $7.5 million project, a likely prospect is approval by the end of the year, with a spring 2018 groundbreaking, and a summer 2019 opening. While John Snyder Architects is in charge of design modifications, the townhouse designs are recycled from STREAM Collaborative’s 902 Dryden plan currently finishing up down the road. Marathon Engineering’s Adam Fishel will be shepherding the project through the approvals process, just as he did the Sleep Inn for Elmira Road.

Location-wise, it’s on a bus route but most everything will need some kind of vehicular transport, so it’s fairly auto-centric. There isn’t a lot of lot nearby apart from a few small rentals and single-family homes, and Cornell farm fields. On the other hand, few neighbors means fewer people likely to raise a fuss at planning board and town board meetings. As long as they provide town favorites like heat pumps, don’t expect big hangups as this plan moves through municipal review.

2. So here’s something out of the blue. Recently, the house at 2124 Mecklenburg Road in Enfield was sold to “The Broadway Group LLC d/b/a TBG Alabama LLC”, and a $998,000 construction loan agreement was filed shortly afterwards. One does not normally see million-dollar projects in Enfield, but a look at the filing yielding no information other than to suggest it was a retail building.

A little further digging indicates The Broadway Group, based out of Huntsville, Alabama, specializes in the development and construction of Dollar General stores. The lender, Southern States Bank, headquartered in Anniston, Alabama, is a preferred commercial lender for TBG. So this is a similar case to the Dollar General recently built in Lansing by Primax Properties –  it’s less about a bank being interested in Ithaca, and more about two major companies located near each other and having an established business relationship. A check of Enfield’s Planning Board reveals that the applicant took great pains not to reveal the name of the tenant, saying only a stand-alone variety dry goods store. A confidentiality clause with client limits what they could say, and TBG will technically own the metal building for a year until it transfers over to Dollar General. Expect a Q4 2017 and with it, 10-12 retail jobs.

I’ll be candid on this one – I sent out an email before writing anything up for the Voice asking if there were enough Enfield/West Hill readers who would care enough to justify an article being written. Jolene encouraged it, the piece went up, and the traffic on the article was actually pretty good, somewhat above average in fact.

3. The city has decided which option it wants to pursue for its rework of University Avenue. Basically, say goodbye to the northbound parking aisle and say hello to a new bike lane. The southbound parking aisle will remain, along with a 7-foot wide sidewalk and 10-foot travel lanes.

4. It looks like plans for the next Press Bay Alley are moving forward. 110-112 West Green Street was sold to Urban Core LLC (John Guttridge / David Kuckuk) for $650,000 on the 19th, and a $581,250 construction loan from Tompkins Trust was filed the same day. Technically, some of the construction loan is actually for the purchase; according to the IURA breakdown, the renovation into micro-retail, office and two 500 SF apartments will only cost about $207,500, plus $40,000 for soft costs like architectural plans, engineering and legal expenses. As part of the $200,000 loan extended to Urban Core LLC by the IURA, the project needs to create at least 6 full-time jobs at full occupancy. On the Press Bay Alley Facebook page, the developers have announced plans for a spring opening, and issued a call for active-use tenants looking for anywhere from 300-2,000 SF.

5. Cincinnati-based Bloomfield Schon has arranged to sell the Cayuga Green complex, lofts, apartments and all. The developer would sell the buildings to Laureate House Ithaca Management LLC. Upon the intended purchase date of August 1st, Laureate House would pay the IURA loan balance ($733,130 at the moment with a $4,880 monthly payment) off in full. That would be about 21 years earlier than anticipated. Laureate House appears to be a start-up real estate firm backed by three wealthy Cornell alums; although the literature says they seek to launch 55+ communities for active seniors in college towns, there don’t appear to be changes in use or commercial/residential tenant mix planned with the purchase of Cayuga Green.

6. Been meaning to note this, but it appears 210 Linden Avenue is undergoing asbestos remediation, which means that the building is being prepped for deconstruction. It looks like Visum Development will be moving forward soon with their plans for a 9-unit, 36-bedroom student apartment building on the property. I did not seen any outward indication of similar work being performed on 118 College or 126 College Avenue at last check, though it’s been a couple weeks.

7. Here’s a look at the city of Ithaca’s Planning Board agenda for next week. Harold Square and 323 Taughannock will have their latest revisions checked for satisfaction of final approval (various paperwork submissions, and of samples of exterior materials to make sure they’re acceptable). 238 Linden Avenue, 232-236 Dryden Road and the DeWitt House old library redevelopment are up for final approval, and the McDonald’s and Finger Lakes ReUse’s supportive housing projects will be reviewed for determination of environmental significance, which basically means that potential impacts have been addressed and if necessary, properly mitigated.

There is also one semi-new project, which is 709-713 Court Street  – that would be the street address for Lakeview’s $20 million mixed-use affordable housing plan on Ithaca’s West End. From previous paperwork, it is known that it’s 5 floors with 50 units of affordable housing, 25 of which will be set aside for Lakeview clients with psychiatric disability. There will be 6,171 SF of commercial space on the first floor, and 17 parking spaces. PLAN Architectural Studios of Rochester will be the architect. Apart from a rough outline, there have been no renders shared of the project, so that’s the “semi-new” part.

AGENDA ITEM Approx. Start Time

  1. Agenda Review 6:00
  2. Privilege of the Floor 6:01
  3. Site Plan Review

A. Project: Mixed Use Apartments – Harold Square 6:10

Location: 123-129 E State/ MLK St (the Commons)

Applicant: L Enterprises LLC

Actions: Satisfaction of Conditions

Project Description: The Board approved project changes with conditions on May 23, 2017. The Applicant was asked submit revised materials to return to satisfy the conditions in June.

B. Project: Apartments (Short-Term Rental) 6:30

Location: 238 Linden Ave

Applicant: Trowbridge Wolf Michaels for DRY-LIN Inc.

Actions: Public Hearing Determination of Environmental Significance, Preliminary & Final Approval, Approval of Transportation Demand Management Plan

C. Project: McDonalds Rebuild 6:50

Location: 372 Elmira Road

Applicant: McDonalds USA LLC

Actions: Declaration of Lead Agency, Public Hearing, Determination of Environmental Significance, Recommendation to BZA

D. Project: Residential Mixed Use (DeWitt House) 7:00

Location: 310-314 N Cayuga Street

Applicant: Kimberly Michaels, Trowbridge Wolf Michaels for Frost Travis, Owner

Actions: Preliminary and Final Approval

E. Project: Apartments 7:20

Location: 323 Taughannock Blvd

Applicant: Noah Demarest for Rampart Real LLC

Actions: Satisfaction of Conditions

Project Description: The Board approved the project with conditions on May 23, 2017. The Applicant was asked to submit revised materials to return to satisfy the conditions in June.

F. Project: Finger Lakes ReUse Commercial Expansion and Supportive Apartments 7:40

Location: 214 Elmira Road

Applicant: Finger Lakes ReUse

Actions:  Public Hearing  Determination of Environmental Significance

G. Project: Apartments (60 Units) 8:00

Location: 232-236 Dryden Road

Applicant: Noah Demarest of Stream Collaborative for Visum Development Group

Actions: Determination of Environmental Significance, Preliminary and Final Approval, Approval of

Transportation Demand Management Plan

H. 709-713 Court Street – Housing – Sketch Plan 8:20

  1. Zoning Appeals 8:45
  1. Old/New Business
  2. Planning Board Comments on the Proposal to Rezone Areas of the Waterfront 8:50
  1. Reports
  2. Planning Board Chair (verbal)

9:10

  1. Director of Planning & Development (verbal)
  2. Board of Public Works Liaison (verbal)
  3. Approval of Minutes: May 23, 2017, April 25, 2017, and November 22, 2016 (time permitting) 9:30
  4. Adjournment 9:35




Chapter House / 406 Stewart Avenue Construction Update, 6/2017

16 06 2017

The funny thing about this project is, I already did the synopsis back in February 2016, the first time that it seemed to be under construction.

At the time, the construction seemed ready to move forward, but then, well…it didn’t. Former 400-404 Stewart Avenue owner Sebastian Mascaro sold the property and plans over to neighbor Jim Goldman, who intended to carry them forward. However, citing unfavorable cost estimates, Goldman decided to wait, and only recently has the project obtained favorable terms that would allow it to proceed.

The plans are still the same, although the project manager has changed. CSP Management (Jerry Dietz) will still manage the apartment rentals, but the commercial component is under the control of Pyramid Brokerage, Syracuse-based Hayner Hoyt will be the general contractor, and the construction manager representing Goldman is not with Hayner Hoyt and does not appear to be from the Ithaca area.

As a frank aside, it has been a rare degree of frustration to dig up information about this project. Goldman, for whatever reason, is incredibly publicity-averse, and everyone involved with the Chapter House has been asked or told to not talk about it. The little bit of information the Voice and 14850 have been able to get has come from CSP Management, which in itself comes with lots of cautions and uncertain language. The one occasion I spoke with Goldman, he told me he knew nothing and no longer owned the site, which if true, isn’t in the county’s records.

Here’s what is known. 406 Stewart Avenue will be 4 units, 7 bedrooms, replacing a similar-looking 1898 structure destroyed by fire in April 2015. 400-404 Stewart Avenue is about 9,000 SF with first floor retail with two floors of apartments – the number of bedrooms and units is not clear, as the number has been in flux. Note that calling it “the Chapter House project” is inaccurate – John Hoey, who owns the right to the Chapter House name, has not committed to reopening on the site, and the first-floor is being offered at a rather hefty $35/SF. For comparison’s sake, most downtown rates I’ve seen come in at about half that, although Pyramid is playing up its proximity to Cornell and the inner Collegetown market. A potential interior layout for a bar is included in the marketing material.

The current plan is to have 400-404 Stewart open by the end of the year, and 406 Stewart by Summer 2018. Jason K. Demarest is the architect for both buildings.

The first photo below is from my colleague Mike Blaney on May 23rd, as environmental remediation company ERSI was finishing clean-up of the fire-damaged site. In the following photos from this past weekend, the property has been leveled and graded, and a foundation is being excavated. The steel H-beams will be used as support for a retaining wall to shore up the soil, protecting the foundation and providing stability as the concrete is poured and cured.





201 College Avenue Construction Update, 6/2017

12 06 2017

201 College is moving right along. W. H. Lane has been charging ahead at a rapid clip in order to have the 44-unit apartment building ready for occupancy in August. the front (west) half is further in the construction process – fireproof Georgia-Pacific DensGlass fiberglass mat sheathing, coated and sealed a pitch black air/vapor barrier (Carlisle Barriseal?), and layered with Dow Thermax polyiso insulation boards. The Thermax is coated in a reflective outer layer to repel incoming solar radiation and keep the building cool during the summer. Or at least, that’s what one of the construction guys told me. Some windows have been fitted into the structure on the lower floors.

The back half is not as far along. The northeast and east walls remain bare steel studs, while the southeast wall is just getting its DensGlass mats installed. The paired window layout might seem a little unusual, but many of the units will utilize a “mezzanine” intermediary floor to increase the living space in each unit.

One detail that has appeared to have changed from the images on file here are the stairwell windows above the front entrance. The drawings show one square window for each floor, while the finished building will have a pair of smaller square windows.

The front facade might seem a bit bland at the moment, but a plethora of exterior finishes should give the building a more visually interesting appearance – A large Sherwin-Williams Iron Ore (aka fancy off-black) metal canopy above the entrance, and fiber cement panels in shades of Allura Snow White, S-W Gauntlet Grey, and S-W Chinese Red, as well as woven bamboo siding. A stucco aggregate will be applied to exposed foundation sections (when you’re spending $10 million, you can afford the real deal over DryVit), and white cedar panels with a clear protective finish will be used for canopy ceilings and architectural screens. Long story short, variety of colors and materials should help break up the mass and make it look less overbearing.

With August just a scant two months away, we’ll have an idea of how nice the final product looks soon enough.

 





Collegetown Terrace Construction Update, 5/2017

21 05 2017

Collegetown Terrace phase 3 is actually opening this month. Speaking to John Novarr a few weeks ago, he mentioned that the first units would actually be welcoming tenants this month, to take advantage of the modest June-June 12-month market that comes before the typical August-June 10-month period that dominates the students calendar. From yesterday, it looks like the first tenants have indeed moved into the Building 7’s 247 units and 344 bedrooms. Units range from 218 SF studio suites with shared baths, kitchen and laundry (5-10 studios per suite), to 1266 3-bedroom units. For the record, the official address will be “120 Valentine Place”. The listed amenities include:

  • Heat included in rent
  • Upper floor large windows for expansive view
  • High speed data access throughout included in rent
  • Kitchen appliances: dishwasher, garbage disposal, microwave, stove and refrigerator
  • Custom-made cabinets
  • Granite counter surfaces in kitchen and bathroom
  • Limestone floors in kitchen, bathroom, and entries
  • Air conditioning in all apartments
  • Elevators
  • Monitored heat detectors, smoke detectors, CO detectors, and sprinklers
  • Fully furnished with blinds, leather sofa, and full/queen beds. Some with work stations and walk in closets
  • Prox/reader security system
  • Washers and dryers in all apartments.
  • Covered parking available for a fee
  • Free shuttle to Cornell. The free shuttle runs to and from campus weekdays throughout the academic year.

Rents clock in at a premium of around $1,000+/bedroom, but the studio suites will come in around $700/bedroom. It does seem like there are some mixed opinions on living there, if the Yelp reviews are any indication.

One slight modification that was sought recently was an approval considerations variance to allow tenants from other Novarr-Mackesey properties to park their cars in the Terrace’s garage. This has been something of a long-running issue with Terrace, which built more parking than it needed in the earlier phases, and as a result requested and received a variance to convert a floor intended for parking into dorm-style living quarter for students on more modest budgets. Even with the original variance, it seems that there are still an excessive number of unused parking spaces, ones that Novarr-Mackesey sees as potential rentable tenant spaces for residents in some of their nearby structures, including two housing projects due to get underway in the next year, 119-125 College Avenue (College Townhouses) and 238 Linden Avenue.

As part of the final stages of project completion (and stipulations of its original approval back in August 2011), some interpretive signage and features will be included in the landscaping, recognizing a few of the homes and the nurses’ dormitory that once stood on the site (recall that Casa Roma was once the city hospital). Thankfully the google street view archives are but a click away, so that the curious can go back and look at what was there prior. Some of the homes were architecturally interesting, if not necessarily historic.

Note the stair railing art in photo ten. It’s as if someone looked at modern buildings, said they weren’t colorful enough, and designed that art feature to have ALL THE COLORS. Holy rainbow explosion. More seriously, it’s quite unusual, and kinda neat, since it’s not often you see a visual feature of interest so tucked away from public viewsheds.

So that pretty much wraps this up. In terms of private non-institutional projects, I dunno if there’s been a project that’s had an impact like this. It’s been a long time since the first presentation back in April 2009. In terms of numbers, it’s enormous – $190 million investment, 1,250+ beds (net gain of over 600), 16 acres. Certainly the latest few hundred beds will help to make a dent in the rental market, it’s by far the biggest project opening for occupancy this year. The trade-off will be a possible softening in some rental segments (e.g. small landlords in fringe student markets), but given the city’s push towards turning rentals back into owner-occupied units, and getting rent appreciation under control, it’s not something that will elicit much concern, especially as Cornell’s student population continues to grow.

In some ways, this project is many good things; growing the tax base, and addressing the need for housing in a somewhat inconspicuous manner, the buildings stepping downward into the hillside. With 344 new residents in the core of Ithaca, it may also give a healthy boost to nearby businesses in Collegetown and Downtown. But CTT has its detractors and criticism – the size still makes unnerves some permanent residents nearby, and the architectural design is a bit polarizing. There’s a tendency to look at building projects in black and white, but it’s never a cut-and-dry process. In reality, it’s a delicate balance of costs, capabilities, the market and the community’s wants and concerns.

Novarr deserve credit in that, unlike many projects, this project has stayed largely true to approved form over the years with the exception of the parking variances. There’s an uncomfortable trend with last-second revisions in more recent plans, but Collegetown Terrace has stuck fairly closely to the original plan as explicated in its Environmental Impact Statement years ago. City staff and elected officials also deserve credit for seeing the potential here for something that could contribute to Ithaca, rather than just saying “this is too much” and turning their backs on it. Credit is also due to ikon.5 and Welliver for their work in designing this massive project, and building it out (which included many local unions and their tradespeople).





201 College Avenue Construction Update, 4/2017

19 04 2017

Dropping by Visum Development Group‘s 201 College Avenue project, I was a little surprised that one half of the building is so much further along than the other half.

201 College is a “H” or dumbbell-shaped structure – the bridge between the two halves hosts the elevator shaft and part of the circulation (hallway). The west wing has completed structural framing, the exterior stud walls are being installed, and even some of the sheathing (fire-rated GP DensGlass fiberglass mat gypsum) is up on the ground level. Peering inside, it looks like some of the interior stud walls have already been set.

In contrast, the east wing isn’t that much further along than it was two months ago – the ground level masonry has been built-out, but the structural steel has not advanced since the February update. It’s not a sign of any difficulties, and other structures have taken or are taking similar approaches – Tompkins Trust’s new HQ has topped out, for example, but the north and east wings have yet to be built out beyond the elevator core. Still, it will take several weeks for the east wing to catch up when William H. Lane Inc. moves ahead with that side of the structure.

According to the construction loan docs filed with the county, the 33,398 SF project is being funded with a $7,870,673 loan from Pennsylvania-based S&T Bank, separate from the $2,640,000 from Visum and its backers that went towards purchase of the property. Hard costs, which are the construction materials and labor, comprise $6,841,038 of the loan, while soft costs comprise $506,984 (permits, legal, marketing, architect and engineering fee, liability insurance, financing costs such as loan fees/taxes/recording costs). An additional $300,000 serves as contingency (your “cover your butt” cash in case of unexpected expenses or poor occupancy rates), and $226,158 is set aside as interest reserve (a special savings account that pays the lender interest on the construction loan while the building is under construction – the objective is to get the building done and occupied before the reserve runs out).

The timeframe is quite tight on 201 College, with a planned August 2017 opening. The rest of the building should move along quickly over the next few months.





Collegetown Terrace Construction Update, 3/2017

22 03 2017

From the outside, Collegetown Terrace’s third and final phase is nearly complete. Some cement panels and clapboards are still being attached at the ends and the south face, and the entry areas need to be finished out, but otherwise it looks like the exterior is mostly finished.

Peering through the windows as the lights clicked on, it looks like drywall has been hung in most of the units, and closet doors and cabinetry are or are being installed, meaning they’re pretty far along and that finishing work is all that’s left for some units (there are 344 units, so it could take a while to do them all). All in all, things look on track for the expected summer completion. Kudos to Welliver for keeping such a massive building on schedule.

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