THE FUTURE OF DOWNTOWN ITHACA · 2013. 2. 12. · DOWNTOWN BY THE NUMBERS Pre-2005 2005-2008...
Transcript of THE FUTURE OF DOWNTOWN ITHACA · 2013. 2. 12. · DOWNTOWN BY THE NUMBERS Pre-2005 2005-2008...
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THE FUTURE OF DOWNTOWN ITHACA
A SUMMARY OF NEW
GROWTH & DEVELOPMENT
January 2013
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GUIDED BY OUR 2020 PLAN
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DOWNTOWNS GROW IN SPURTS
• 2013+ Newest spurt
• 2005-2008 (Seneca Place, Gateway, Cayuga Green)
• 1975-1982 (Commons, Dewitt Mall, Center Ithaca, Rothschild Bldg)
• 1920’s (Bank of America)
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DOWNTOWN BY THE NUMBERS
Pre-2005 2005-2008
• RETAIL- 325,000 SF 40,000 SF
• OFFICE- 670,000 SF 130,000 SF
• HOTELS- 140,000 SF 85,000 SF
• HOTEL ROOMS – 205 105
• HOUSING UNITS- 250 120
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THE 2005-2008 GROWTH SPURT
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THE 2005-2008 GROWTH SPURT
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DOWNTOWN BY THE NUMBERS
Downtown Today
• RETAIL- 345,000 SF
• OFFICE- 800,000 SF
• HOTELS- 225,000 SF
• HOTEL ROOMS- 310
• HOUSING UNITS- 370
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NEW PROJECTS
• 12 projects 2013- 2015
• Over $125,000,000 in private investment
• One major public project- Commons Rebuild
• All within a two block radius of each other
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Commons Rebuild
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A NEW COMMONS
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THE COMMONS REBUILD
• $10.5 M Project
• Start Date: Feb 2013
• End Date: Jun 2014
• Includes transit corridor
funds (Downtown to Cornell)
• Designer- Sasaki Associates
• Funding Sources
- City capital funds ($3.5M)
- City Water & Sewer funds
($1.4 M)
- US FTA State of Good Repair grant ($3.5 M)
- DIA assessment ($0.5 M)
- NYS DOT funds ($0. 6 M)
- NYS CFA funds ($1.8 M)
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HAROLD’S SQUARE
• A $30.0 M plus project
• 126,220 SF
• 62,280 SF residential (72 units)
• 47,320 SF office
• 16,620 SF retail
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Harold’s Square
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SENECA WAY
• Six story mixed use
• 35 Market rate units
• 9,000 SF office
- Warren Real Estate
- Park Foundation
• Key east entrance to downtown
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Seneca Way
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HOTEL ITHACA
• $30 M cost
• 159 rooms, ten floors
• Marriott Hotel (full service)
• Urgo Hotels- developer/owner
• Anchors east end of the Commons
• Connected to City garage
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Hotel Ithaca
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BRECKENRIDGE PLACE
• Six story, $14.4 M new construction
• 50 affordable units
• LIHTC project
• Developed by Ithaca Neighborhood Housing Services & Pathstone Corp.
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Breckenridge Place
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ARGOS INN
• 13 Room urban inn
• Ground floor pub
• Former historic property
• Received historic tax credits
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HOLIDAY INN EXPANSION
• $21 M total project cost
• Demolish all old, two story product
• Renovate existing tower
• Add new 10 story tower
• Net 10 new rooms
• Add new 350-400 seat conference center
• Roof top lounge
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Holiday Inn
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LOFTS AT SIX MILE CREEK
• New in-fill eight level, four story building
• 40 townhouse style urban loft apartment units
• Market rate
• Connected to public parking garage
• Facing Six Mile Creek
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Lofts at Six Mile Creek
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PRESS BAY ALLEY
• Former Ithaca Journal building
• IJ retained as anchor tenant
• Brightworks Computers second anchor tenant
• Retail added to Green Street
• Retail and commercial uses for storage sheds and industrial portions of building
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Press Bay Alley
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DOWNTOWN HAMPTON INN
• Proposed 92 rooms
• Extended Stay/Suites Hotel
• Located on former Strand site
• Local developer: Neil Patel
• Seeking to purchase City parking
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DOWNTOWN HAMPTON INN
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The Record of Urban Growth in Tompkins County
• 1 MILE RADIUS
- 1990: 22,135
- 2000: 19,168
- -2009: 19,637
• 25 MILE RADIUS
- 1990: 207,123
- 2000: 210,037
- 2009: 213,250
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The Value of Housing
• 1,500 Units @ $200,000
• $300,000,000
• 1,500 Units @ 1.5 Residents per unit
• 2,250 New Residents
Rendering by HOLT Architects
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Growing the Tax Base
• 1,500 Units Might Yield:
– CITY - $3.7M*
– COUNTY - $1.9M*
– SCHOOLS - $5M* *Estimated Annual Tax Revenue
Rendering by HOLT Architects
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MORE TO COME
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DOWNTOWN ITHACA ALLIANCE