The Lux (232-236 Dryden Road) Construction Update, 10/2017

23 10 2017

Continuing yesterday’s theme, here’s another one of Collegetown’s development opportunities playing out, though perhaps it was less obvious as the Linden Avenue properties – coming soon to Ithaca, 60 units with 191 beds of student housing at 232-236 Dryden Road, just east of Collegetown’s core and part of the eastern transition to the Belle Sherman neighborhood.

Once again, this is a case of Visum Development Group scouting potential opportunities at the right time and place to make something happen. Along with a large surface parking lot, the previous building on this site was a 30-unit apartment building and the former dormitory for the historic Cascadilla School, a private school with a 140-year history on the corner of Oak and Summit Avenues in Collegetown. The 4-story building once housed dorms, a dining hall and a gymnasium, but after its sale to private ownership after World War I, it was remodeled again and again, each seemingly more unsympathetic than the last. By the late 20th century, it was a grim, awkward-looking box, stripped of ornamentation and of its historic value. The previous owner, the proprietor of the Hillside Inn, had owned the property for several decades; Visum paid about triple the tax assessment ($7.65 million vs. $2.55 million) to buy the property in September.

There are two buildings to be built, totaling 84,700 SF – 232 Dryden (The Lux South) and 236 Dryden (The Lux North). This allows for different plane grades, meaning they’re different elevations. That makes it easier to blend in with the neighbors, and creates less ambiguity with height limits, something that bedeviled Visum with its 201 College Avenue project. As with 210 Linden, zoning is CR-4 – four floors, 45 feet from average grade, no parking required with a city-approved transportation demand management plan (TDMP). Usually, that means free bus passes or Carshare registrations, ample bike storage, and explaining how students can easily commute to campus by walking.

The project was proposed in March 2017 and approved by August. Overall, the changes were fairly modest. No zoning variances and little public opposition helped to create a smooth review process. The biggest change came during the design review process, and affected 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, and the balconies are throwbacks to the Cascadilla dormitory’s long-gone shingle-style 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 (that is the actual name), lap siding in SW Pure White and Marigold, granite grey stucco (real stucco, not DryVit), a metal canopy and Andersen windows.

The loan, for $16,354,628, was granted by S&T Bank, a regional bank based in Pennsylvania that has no retail banking presence in Ithaca, but has served as the financier for several projects, including the Holiday Inn Express that recently opened on Elmira Road, and Visum’s just-opened 201 College Avenue project. A breakdown of the costs shows the total project cost is $22,780,334. There’s $13,020,010 in hard costs (materials/labor), $7.65 million for property acquisition, $475,000 in soft costs (architect/engineering/legal), $250,000 for the demolition, and the rest is for taxes during construction and interest reserve (interest on the construction loan during construction). $650,000 (5% of the hard cost) is set aside as contingency funds just in case the expenses clock in higher than expected.

Despite the rather pretentious name and logo, it’s hard to argue the amenities don’t live up to the premise – according to the marketing website, tenants of The Lux and other Visum properties have access to a media lounge, study room, hot tub, sauna, full-service gym, game room and outdoor terrace. Tenants will have trash removal, stainless steel appliances, in-unit washer and dryer, and bike storage. I feel poor just typing this stuff out. Units are 1-5 bedrooms, with the smallest being 1 bed, 1 bath and 435 SF, and the largest being a 1693 SF, five-bedroom, five-bath. Rents will be $1200-$1300/month. Visum is running an offer that if all tenants on a lease (presumably a larger unit) can show they’re members of a registered student org, they get 10% off the first month and a $150 check will be given to their organization. Many larger Collegetown units are legacy properties among student groups (fraternity annexes, bandies, club and NCAA sports), passed down from year to year by members of the org. This may be a clever move to make next years’ renting a bit easier on Visum, whose CEO noted softening in the market this year.

A trip to the site shows caisson (steel pipe) piles have already been laid for The Lux South, and demolition is ongoing of the old apartment building on the site of The Lux North. The pipes extend down to the solid shale bedrock 46 feet below grade, according to local engineering firm Elwyn & Palmer. A deep foundation by any measure. A benefit to building in Collegetown is that the ground is much more amenable to deep foundations than the weak, water-logged soils of the West End.

 





210 Linden Construction Update, 10/2017

21 10 2017

Technically, 210 Linden Avenue has been stopped for the time being, but just for the sake of having it, here’s the project description post for future reference.

One of the intents of the Collegetown Form Districts was to encourage redevelopment in portions of Collegetown that the city saw as less desirable – the really stereotypically poor-quality housing that Cornell just called out in its state of the university address. These properties are generally unsuitable for families since most of them were purpose-built boarding houses, often with haphazard additions and renovations over the years to make the bare minimum of city building and fire code. With a captive market in Cornell students, many landlords didn’t see the need for quality because the prevailing logic was that it decreased profitability. Only during the first luxury developments of the 1980s (Fane’s Collegetown Court in 1985, Mack Travis’s Eddygate in 1986) did that really start to change, and even then, many older landlords clung to the old ideas, hesitant to change from a time-tested if ethically questionable formula.

Since then, it’s been something of a development see-saw; developers see greater profit potential, but typically they need to build big to ensure a good return on investment (balancing soft construction costs, hard construction costs, interest on construction loans and current/future taxes against the revenue from renters). A large project comes along and drives discontent from East Hill and Belle Sherman, who have long clashed with the different lifestyles of students, as well as a longstanding sense of wariness from the old-style landlords who would try to buy homes and turn them into student slums. The city places a moratorium, tweaks the zoning, process starts anew. From a municipal perspective, it’s always been a delicate balance between the substantial taxes generated from Collegetown, and quality of life issues (traffic, rowdiness).

In general, the 2014 form-hybrid zoning, which removed some parking regulations and put the focus on Collegetown’s core, has had favorable outcomes; the only real debate has been 201 College Avenue, which was a rather unique situation. 210 Linden Avenue is a textbook example of a shared goal between city and developer – the 200 block of Linden has many properties in poor condition, and the city would like redevelopment mixed among the better-maintained older houses. With that in mind, zoning is generally CR-4 – 4 floors, and no parking required as long as a Transportation Demand Management (TDM) plan is received and approved by city staff. New buildings wouldn’t be large or oppressive since most buildings are 2.5-4 floors on this block, and with planning board input, high quality designs would enhance the walkable environment, build the tax base, and add some housing to reduce pressure on adjacent streets. Developers in turn would have more flexibility, and removing the parking rules really opens up the possibility for new builds on Linden’s small lots.

Previously, 210 Linden was a rather ramshackle 12-bedroom apartment house. Visum Development Group (VDG), led by local businessman Todd Fox, saw a potential opportunity for a new build and established a purchase option with the then-owners, a pair of small local landlords. The redevelopment is not an especially large project, medium-sized by Collegetown standards. It is 14,400 SF with 9 units, all of which are 4-bedroom, 2-bath, for a total of 36 bedrooms. Each floor has two units, except for the partially-above grade basement, which has one unit and space for the bike room, trash room and mechanicals. The project will use electric air-source heat pumps, and be net-zero energy capable with the use of an off-site renewable energy source.

210 Linden was first proposed in November 2016. With basically no opposition, and a design that the planning board found perfectly appropriate, it sailed through the review process, and approval was granted in January 2017. In something of a rarity for city projects, no zoning variance was required. 210 Linden fits the maximum length, width and building lot coverage allowed under the Collegetown Area Form District’s CR-4 zoning, and comes in at or just under the 45-foot height maximum – the sites are sloped, and the 45′ height is defined as the average above grade plane. Exterior finishes includes stucco at basement level, a couple shades of grey fiber cement lap siding above, red doors, metal balconies and natural wood trim.

There were virtually no design changes from beginning to end – the only noticeable change was that the doors were moved from the left side of the balcony/terrace to the right. The project was a fraternal twin to another infill development Visum has planned, 126 College Avenue. One has to give credit to the architect, Noah Demarest of STREAM Collaborative, for being able to provide cost-efficient and well-received designs.

A frequent partner of VDG, William H. Lane Inc. of Binghamton, is the general contractor. Right now, only the demolition and foundation excavation have been completed. Once the power lines have been buried out front by NYSEG, construction of the building can begin. The intent is to have the building completed in time for Cornell’s 2018-19 academic year, which starts in late August. Elmira Savings Bank gave VDG a $3.15 million construction loan in July to complete the project.

As one might expect with new units less than two blocks from Collegetown’s core, the cost per room is not cheap. Advertisements online say $5,000/month, or $1,250 per month per bedroom. Units come with 9′ ceilings, air conditioning, internet/cable, stainless steel appliances, quartz countertops, washer/dryer in-unit, balconies, and a security system, among other bullet points and exclamation points. A fitness room and other luxury amenities will be accessible to tenants at another Visum project, 232-236 Dryden Road.





News Tidbits 9/16/17: The Big Surprise

16 09 2017

1. Ostensibly, the biggest newsmaker of the past week was the announcement of the Green Street redevelopment in Ithaca’s downtown core. To be frank, I was freaking out at my desk. Even more astounding was that the city slipped it out so casually, embedding it in a monthly PEDC meeting file that typically focuses on more mundane legal and planning concerns.

All photos that follow are from Jolene – pardon the marginal quality, we were both in note-taking mode, and these presentation papers weren’t given out to the public. North is towards the top of the floor plan images.

While the documents have yet to be uploaded to the city’s website, some basic details were released during the meeting – the number of parking spaces for the whole complex is 525. There would be two towers with residential units, a U-shaped west tower and a boxy east tower with projecting corners. 15 floors apiece. 350 units, “designed to appeal to a broad demographic”. Abatement likely, with the details to be ironed out as the percentage of affordable units is determined. The middle portion will also have residential units on top of the existing garage. 30,000 SF of conference space is planned under the eastern tower, if my notes are right.

The first floor appears to have at least two retail spaces, a lobby area, and an office, probably for management of the complex. The middle section will retain access to Cinemapolis and the garage. On levels two and three would be rebuilt garage sections (note the center section was rebuilt ten years ago and unlike the ends, is in good shape). Another floor of parking will be added.

Cooper Carry is the architect, and the initial design looks fairly safe, attractive if not particularly inspired. After the Marriott, it’s good to be wary of potential value engineering. It appears to use brick veneer, Nichiha-like metal panels and maybe fiber cement. Also, with Harold’s Square and City Centre off to the left, this would arguably create a broad-shouldered if stubby skyline for downtown Ithaca, more impressive than many communities Ithaca’s size.

My notes are that Marriott co-developer Jeff Rimland had non-public information about the Green Street garage because he owns the ground facilities under the garage’s eastern deck, and would be impacted by renovations. He was made aware of city looking at their options and put something together. The city only learned about the plan four weeks ago, and mayor Myrick wanted to make sure it was brought forward for public discussion and to determine if it was a wise choice to move froward. Ostensibly, if this came out as a surprise, a hornet’s nest of opposition would be stinging. Being transparent now helps later.

It seems the intent is an RFP for the garage for the sake of fairness, but I dunno how effective that will be. Rimland has a big advantage as owner of a portion of the parcel, since any other developer would need to arrange legal agreements with him in order to carry out a project. It was suggested by Brock, who has never been a fan of development, and I cynically wonder if this was an attempt to ensnare or at least stall the proposal. An RFP does put the city in a more legally comfortable position, perhaps. On the flip side, I cringe at the thought of another Old Library-like mess.

On a final note, there’s also a name, seen in the lower right of the rendering – “Village on the Green”. Very punny guys.


2. The other big news item of the week was 311 College Avenue, more commonly referred to as “The Nines replacement”. The Nines is a much-loved restaurant and bar that has long been a part of Collegetown’s drinking and musical scene – in the late 2000s, if I had to describe Collegetown bars, where Johnny O’s was the “fratty frat” bar and Chapter House the erudite tweed-clothed crowd, The Nines was the laidback, indie band geek-turned-rocker. Add in its location in a ca. 1908 fire station, and one of the few sizable outdoor patios in Collegetown, and one can understand that a project on this site was never going to be warmly received.

Granted, I’ve been raked over the coals a couple of times for the article, whose first headline said The Nines was being kicked out. It was an honest copy-editing mistake. For breaking news I publish ASAP, like with the Green Street development. However, that’s discouraged because the business pieces are useful for filling slow periods during the day, or to give time for others to prep articles during the early morning. Many of my articles are written in the late evening, submitted to the schedule, and skimmed through before hitting the website. In this case, I submitted Sunday night, my editor Jolene read through it early Monday morning, she thought the opening lines implied an eviction and changed the title (the original was a generic “Apartments Proposed for The Nines”). Sometimes title get changed for clarity or Search Engine Optimization (SEO), but this particular time it created a false statement. I didn’t see it until I was at work on Monday, and uncomfortable conversations ensued. Sorry all. The next article won’t wax poetic.

Anyway, with that error noted, it makes this next opinion segment more uncomfortable. I’m not a developer. But if I were one, and heard the property was being put up for sale, I’d probably have steered clear. With all due respect to Todd Fox, my gut feeling is that the cons outweigh the pros.

Ithaca is not an easy city to do a project in. A developer has to pick and choose their battles. In this case, the battle is taking a building with some degree of historic value, but more importantly a lot of local sentiment attached, and proposing to replace it with, frankly, a mediocre design with high-end student units. I understand the economics of the site, the market, and the unfortunate though economically necessary impacts building flush to lot lines has on the ability to install windows on the sides. My concern is external impacts, by creating an emblem for opposition to organize around, because it wraps several perceptibly negative impacts into one proposal. That may make future projects that much more difficult. I worry that whenever a controversial plan is brought forth in years ahead, it will be pejoratively described by NIMBY types as “just like that Nines replacement”.

It has taken years for Ithacans to become slowly more amenable to density and development. Proposals that inadequately address community concerns threaten that progress. Consider the case of Jason Fane. He toyed with the city plenty of times. Eventually it caught up to him and he got burned. The sad part is, 130 East Clinton was a solid project, and to this day I believe that had it been another developer, those apartments would have been built.

Anyway, the ILPC would like to preserve it as-is, which draws the question why the discussion never moved forward 18 months ago when they had the chance. I don’t think that’s likely at this stage, and an overbuild probably wouldn’t work due to development costs (foundation shoring, elevator if 4+ floors) with respect to developable area – the big front yard setback is an impediment to that. I heard that an offer was floated to Neil Golder to move his house at one point during the 201 debate, so maybe moving all or at least the front (1908 wing) of the old station No. 9 is possible, but the expense would be great. As for the new building’s design, maybe modest fixed windows in the north/south brick faces, or glass block features like on Sharma’s 307 design, or even something as minor as a mural on the CMU blocks would help.

But, all that might be grasping at straws. This was always going to be controversial. I won’t fault someone for seeing an opportunity, even if it’s not a plan I’d advocate. It all depends on one’s appetite for development opportunities, and sensitivity to potential blowback.

3. For sale: 405 Elmira Road. 0.74 acres of parking lot next to Buttermilk Falls Plaza. List price: $465,000, courtesy of Pyrmaid Brokerage. Also noting – the chain hotelier who bought the former Tim Horton’s next door from the same seller for $640k in January 2016. Timmy Ho’s 0.75 acres is a little small for a hotel on its own, but combined with this lot, suddenly plans start to look quite viable for a mid-sized chain in the city’s suburban-friendly SW-2 zoning. Someone else may come along and buy it, but let’s see what happens.

4. It appears the 24-unit Pineridge Cottages project is off the table. The project, planned for the corner of Mineah and Dryden Roads in Dryden town, was greatly scaled back by developer Ryzward Wawak after water tests led to concerns about having enough to supply all the units. At this time, the plan is for four cottages, each a two-bedroom unit.

5. The Times’ Matt Butler has a nice summary and brief interview with Lakeview Health CEO Harry Merriman regarding the 60-unit affordable housing plan for 709-713 West Court Street. Some of the obstacles the project faced wouldn’t be a surprise to readers of this blog – the soils require a more expensive deep (pile) foundation, and land acquisition costs are climbing, which increases the overall costs involved with bringing a proposal into reality, let alone a plan that focuses on affordable housing. The increase in units from 50 to 60 was driven by the need to balance out revenue with expenditures and make the affordable housing economically feasible. Incremental cost increases per unit are significantly less than overall structural costs, so the per-unit expense for 60 units is less than 50, making the project more appealing in competitive grant processes.

Of the 22 units to be set aside for formerly homeless individuals, six will be reserved for HIV-positive clients of STAP, the Southern Tier Aids Programs. Those infected with HIV tends to experience much higher homelessness rates than the general population, with at least 81 homeless HIV-positive individuals in Tompkins County alone. This makes it hard to do things like refrigerate medication. These six units are a small number perhaps, but for those six folks it will make a huge difference.

6. Another feather in the cap of the local STEM sector of the economy. Biotech startup Jan Biotech Inc., based out of the Cornell Business Park by the airport, has received a $3 million grant from the National Institute of Health (NIH) that will be used in the research and production of an HIV diagnostic for detection and quantification of latent HIV-infected reservoirs in patients –  cells that have the virus but aren’t actively producing HIV, which current anti-retroviral therapies struggle with. Potentially, the diagnostic could help test new medicines for their ability to target those cells, and lead to a true cure for the virus before AIDS can occur.

Along with new equipment and renovated facilities, the grant is expect to result in the hiring of another 5 to 10 scientists and engineers for the four-person firm. Which is great, but truly, it’s their work to try and improve our treatment and medicine of a deadly virus that’s more important. The very best of luck to them.

7.  A bit of news from the Cornell Daily Sun regarding the additional 2,000 beds Cornell would like to build on its North Campus, as part of its freshman expansion and “Sophmore Village” plan. The university would like to begin construction on the first dorms in 2018, and start increasing student enrollment by 2020. For that to happen, the plans pretty much need to come forward for formal planning board review within the next few months. Presumably, they’d like to have the dorms ready by August 2019 – these will be used as flex space initially, so that existing dorms like Balch and Clara Dickson can start renovation. At a bare minimum, it takes three months to go through the city planning board. Given this project’s proximity to Cayuga Heights, the local patricians will want to have their say as well, even if it is just outside village lines. With the size of the project and a minor amount of inter-municipal complexity, four months from sketch plan to approval seems realistic. Considering the need to request and award contract bids, it would seem plausible that Cornell puts the dorms forward this fall for review, with approval expected by late winter. Bids would be requested and awarded during the Spring, and construction would start by June. Whatever the case, the first construction plans are likely not far off.





News Tidbits 9/9/17: Shopping for Sales

9 09 2017

1. As Dan Veaner at the Lansing Star reports, the new owners of the Shoppes at Ithaca Mall (aka Pyramid Mall) are planning to roll out new tactics to counter the ongoing, nationwide retail apocalypse currently underway. Instead of leasing locations, the mall owner would like to subdivide retail spaces within the mall under a Planned Development Area (DIY zoning, in essence) so that tenants could potentially own their spaces instead of renting them, under the hope that when they own a store location, they are less likely to close it and will opt for closing rented spaces elsewhere. Because customary use-based (Euclidean) zoning is not suited for this unusual arrangement, a PDA has been suggested, and the village of Lansing seems amenable to the idea.

On a related note, another subdivision of the mall properties would open up a portion of the parking lot behind the Ramada Inn for the development of an extended-stay hotel. This would probably play out over a few years, given the time to design a project, secure a brand and ask for village review/approvals. Market-wise, it’s not implausible, since the other hotels planned, like the Canopy downtown or the Sleep Inn at 635 Elmira Road in Ithaca town, are geared towards the overnight crowd, and the overall market is growing at a sustainable pace. As long as the local economy continues its modest but steady growth, a medium-sized specialty property that opens in two or three years would probably be absorbed by the local hospitality market without too much fuss.

2. Meanwhile, over in the the town of Lansing, a couple of minor notes and some name changes. From the town of Lansing Planning Board agenda, it appears the 102-unit Cayuga Farms development is now going by the name “Cayuga Orchard”. The project, which has been stuck in red tape due to the stringent review of modular sewage treatment systems, is seeking modifications to their plans, which was summarized in the Voice here. The short story is that the project has the same number of units, but the impermeable area has been decreased and the number of bedrooms is down from about 220 to 178. That should help reduce stormwater runoff, and if the town sewer isn’t through yet, it could make the modular system more feasible.

Secondly, Cornerstone’s Lansing Commons Apartments are being rebranded as the “Lansing Trails Apartments”, which makes sense since there aren’t any “Commons” in the town, but the town center property is traversed by numerous recreational foot trails. The town has endorsed Cornerstone’s two-phase, 128-unit development plan for affordable rental housing, though the planning board did express concerns with the impact of dozens of additional school children on a property with 581a property tax breaks, which may result in a 4% increase in school taxes in the default scenario. The number could vary given the number of kids that actually live there – the board ballparked 80 for their back-of-the-envelope analysis, which given 128 units and roughly 208 bedrooms in the project, isn’t unreasonable.

3. On that note, it appears Cornerstone and NRP have applied to the county’s affordable housing funding grant for a bit of financial assistance towards their respective projects. Cornerstone is seeking funds for qualified units within the 72-unit first phase of its Lansing Trails project, and NRP is seeking funding for qualifying units within the 66-unit first phase of its Ithaca Townhomes project on West Hill. Each organization would receive $256,975, mostly in Cornell-donated funds, if approved by the county legislature. The money may be leveraged and with less needed from traditional affordable housing funds, it may make each project more appealing from a federal or state grant perspective, with demonstrated municipal interest and more “bang for the buck” on the grantor’s end.

4. The two-building apartment complex planned at 232-236 Dryden Road is one step closer to construction. According to Tompkins County records, Visum Development bought the two properties on which the project was proposed (114 Summit Avenue and 232-238 Dryden Road) for $7.65 million on Monday the 5th. The properties are only assessed at $2.55 million, but sellers tend to enjoy a hefty premium when developers have intent for their parcels.

The following day, the building loan agreement was filed. The loan, for $16,354,628, was granted by S&T Bank, a regional bank based in Pennsylvania that has no retail banking presence in Ithaca, but has served as the financier for several projects, including the Holiday Inn Express that recently opened on Elmira Road, and Visum’s just-opened 201 College Avenue project.

A breakdown of the costs shows the total project cost is $22,780,334. There’s $13,020,010 in hard costs (materials/labor), $7.65 million for the purchase, $475,000 in soft costs (architect/engineering/legal), $250,000 for the demolition, and the rest is for taxes during construction, interest reserve (interest on the construction loan during construction). $650,000 (5% of the hard cost) is set aside as contingency funds just in case the expenses clock in higher than expected.

Along with the loan, Visum and its investor appear to be putting up $6.325 million in equity. With these hefty sums, one has to be pretty certain of their investment. In Collegetown, they often are.

Visum CEO Todd Fox has previously stated construction is expected to start this month on the 191-bed apartment property, with an eye towards an August 2018 completion.

5. The Old Library property sale is official, on an 11-3 vote. Legislators Kiefer, Chock and McBean-Claiborne voted no, none of which are an big surprise since, as members of the Old Library Committee, they found something to dislike with every proposal back in 2014. If anything, the surprise might have been legislator Kelles, who while not a fan, supported the mixed-use project. Travis Hyde Properties will bring 58 senior apartments, community space administered by Lifelong senior services, and a small amount of commercial space when the building opens in 2019.

6. So this is interesting. Josh Brokaw is reporting over at Truthsayers that Cayuga Medical Center wants to move the Community Gardens off the land. That is a story being covered further by my colleagues at the Voice, but notable to this blog’s purview are two nuggets of information.

One, Guthrie and CMC had *a bidding war* for the property, which explains a couple of things. It explains why CMC paid $10 million for a property the Maguires only paid $2.75 million for, and it offers a clue as to why Guthrie purchased the neighboring Cornell warehouses. They both have had plans for that area, and working together isn’t a part of them.

Two, Park Grove Realty is involved with CMC. They’re a young Rochester-based company generating lots of news in Lansing with a lawsuit-laden 140-unit townhouse project, and they purchased the Chateau Claire apartments and renovated them into the upmarket Triphammer Apartments, which generated its own share of controversy.

Anyway, it makes the commotion down by Carpenter Business Park that much more interesting. Nothing has come public yet, but keep an eye on it.

7. On a related note, it’s not much of a physical change, but Maguire is using some of that cash windfall to officially acquire the former Bill Cooke Chevy-Olds-Caddy dealership on Lansing’s Cinema Drive. The franchise rights were transferred over ten years ago, but the property itself was still under the ownership of the Cooke family. Thursday’s sale was for $2,015,000. The 4 acres and 19,857 SF building was assesses at $1.8 million, so it appears the sale price was a fair deal for both sides.

I would be remiss not to point out that the buyer was “Maguire Family Limited Partnsership”. No LLCs cloaking this purchase like with Carpenter Business Park.

7. Now that the state has okayed the Cargill expansion, the above-ground portion of the project has to go before the Lansing planning board. The surface facilities, expected to cost $6.8 million, consist of a 10,000 SF administration building, a 2,100 SF maintenance building, a 2,600 SF hoist house, parking, landscaping and signage. A hoist house is essentially an industrial-strength engine room for operating the lift that brings people and equipment up and down from the shaft. It’s likely the primary cost contributor in the surface portion of the project.

As seen in the renders above, it’s designed for functionality rather than aesthetics, though Cargill did attempt to make the shaft building barn-like to blend in better with the farms. Construction on the above-ground structures is expected to start next year and run for about 18 months (the mine is being built from the bottom up). Although not shown in the renders, trees will be planted around the developed area to provide a green screen and help dampen noise.





201 College Avenue Construction Update, 8/2017

16 08 2017

201 College is a work in progress on the outside, but the inside is nearly complete. According to Visum Development’s Todd Fox, who happened to be at the site when the photos were taken yesterday, there are cleaning crews inside, and a certificate of occupancy is being obtained. Renters will be able to move in on Friday.

On the outside however, work is still coming along. From the looks of it, it appears all the woven bamboo siding has been attached. However, the overhead canopy has yet to be installed over the front entrance, and some of the decorative “iron ore” black metal rails and fiber cement panels (“Allura Snow White” and “Gauntlet Gray“) have yet to be clipped on over the structural metal rails. So while tenants will be able to move in for the fall semester later this week, construction on the exterior and landscaping finishes will extend into September. Similarly, the basement area, which will host the fitness room and bike storage, will need a few more weeks before it’s ready for use.

For what it’s worth, 201 College looks just like the renderings provided by its architect STREAM Collaborative, which one would think isn’t a big deal, but it is – there have been cases of developers building something that lacked details of features shown but not explicitly required in approval, which had led to consternation among the planning board and staff.

On another good note, I asked Fox how things were with neighbor Neil Golder, who led efforts to halt the project last year. Since the lawsuit failed, the two sides have been fairly amenable to each other – Fox still offered Golder solar panels on 201 to compensate for shadows, and Golder has let construction workers access his property when trying to maneuver equipment on and off site. Fox said that, in exchange for paying Golder’s water bill, he let construction crews hook up hoses from his spigots to spray down the dust and add water to the concrete.

As 201 wraps up, Fox has his eye on his other approved projects – 210 Linden Avenue, a 4-story, 36-bedroom building, has been excavated and padded (last two photos here), and is waiting on municipal permits to begin construction of the foundation. As with 201 College, William H. Lane Inc. of Binghamton will be the general contractor, and STREAM is the architect. 232-236 Dryden Road, a pair of 4-story buildings with 191 bedrooms, is due to start site prep in September. Two smaller Visum projects, for 118 College Avenue and 126 College Avenue, have no firm construction dates at this time.





902 Dryden Road Construction Update, 7/2017

17 07 2017

Seeing as these are expected to open for occupancy next month, this will probably be the final visit to the 902 Dryden site.

From the outside, these look to be complete. The landscaping is partially done. Grass is down and some of the parking area has been bordered with wood beams, but some sidewalk and plantings have yet to be poured/planted, and the bike shed will come towards the end.  About the only thing left for the buildings thesmelves are a few minor pieces of trim (trim boards, porch light fixtures). I’m still a bit disappointed that secondary colors were dropped in father of a color I like to call “bland oatmeal”, but the variation of shingle-style, lap and vertical siding makes up for it somewhat.

The inside of the units are in varying states of late-stage interior work – one of the end units was nearly showpiece ready with only some minor painting left. Working northward to units less further along, cabinetry and appliances were being installed, as were lighting fixtures, oven hoods and kitchen backslashes. Visum/Modern Living Rentals seems to strongly prefer neutral shades for interior colors, which is generally advisable when selling or renting a home. The appliances hanging up on the wall behind the kitchen counters are the air-source heat pumps.  The units closest to Forest Home Drive were still in the midst of drywall paint prep – there was a worker walking around on professional drywall stilts, which I did not take photos of because I wasn’t sure if they would see me and force me to go off-site. The drywall had been hung and appeared to be mudded, but not painted.

To quote the online ad:

These beautiful townhouses are a great place to call home!!
Brand new construction in late 2016 [sic?], has all the amenities needed! Brand new EVERYTHING, stainless steel appliances, granite counter tops, kitchen complete with a dishwasher! Great sized rooms with ample closet space, all custom tiles bathroom as well! Washer and dryer IN unit!

902 Dryden is not big or ostentatious. I wouldn’t call it out of place in rural Varna, and another 8 units and 26 bedrooms are welcome to the local rental market. Modern Living Rentals and Visum Development are bringing a pretty solid addition to the Varna market. Consider this a preview of MLR’s next project, the 42-unit rental complex they want to put in just a mile up the road at 802 Dryden.

Bella Faccia Construction is the general contractor, and STREAM Collaborative is the architect.





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.