An Ever-Expanding Ithaca Apartment Hunt

4 01 2013

11-24-2012 167

So, this post relies on a question originally posed by “Steve” on the welcome page:

I wonder if you can comment on the number of new apartments being built in Ithaca from a historical perspective? It seems like there are many coming online but I don’t have a long enough perspective.

As a matter of fact, I had obtained this info several months ago for reference, from a report given to the DIA by the Danter Company regarding the Ithaca housing market’s trends, needs and projections. But I had never made much use of that data until now. Even to the casual observer, there has been an uptick in construction around and about the Ithaca area as of late. As the metro has expanded a little over 5% (~5,500 people) in the past decade, some growth is to be expected. The Ithaca market (mostly defined as Ithaca city/town with some parts of Lansing) is believed to be capable of absorbing about 1,350 units over the next five years, 25% owner-occupied (most likely condos) and 75% rental units.

As of April 2011, there were 4,793 units in 75 developments (5 others with 270 units of subsidized housing are excluded from analysis). 49% of all those units are occupied by, no surprise, students at IC or Cornell. Borrowing a table from the report itself shows the number of multi-unit projects built within Ithaca proper, broken down into separate time periods.

danter1

So, adding up the 2000s gives 654 units 14 projects. This is a substantial increase from the 454 units built in the 1990s, but somewhat less than the 824 units in the 1980s, and less than half of the 1,604 units built in the 1970s. For the curious, the project built in 2009 was INHS’s Cedar Creek on the west side of the city. West Hill accounts for over half of the new multi-unit housing built in the 2000s, with Overlook at West Hill (128 units, 2006), Linderman Creek (128 units in 2 phases, 2000/2004) Cayuga View (24 units, 2005) and Conifer Village (70 units, 2008). Collegetown also makes up a small portion, with projects like 407 College (25 units, 2006) and Coal Yard Apartments Phase I (10 units, 2007).

Now, starting around the time this left off, there have been a number of major projects. Within the 2011-2016 time frame, here’s a sample of what’s completed/under construction/planned (I’m not going to link to each one for this entry, but the curious can make use of the search bar to pull up more info from other entries):

Collegetown Terrace (U/C; usually defined with “beds”; but in terms of units, the construction company in charge suggests 246 units, but that may just be one phase). EDIT – 610 units. That’s…a lot.

309 Eddy (completed, 24 units)

Coal Yard Apartment Phase II (completed, 25 units)

107 Cook (U/C, 4 units)

Breckinridge Place (U/C, 50 units)

Collegetown Crossing (in review, 60 units).

Thurston/Highland (in review, 36 units)

Seneca Way (U/C, 38 units)

619 West Seneca (U/C, 24 units)

Cayuga Green (approved, 39 units)

Fane Properties/ 100 E. Clinton (proposed, 36 units)

Harold Square (proposed, 60-70 units)

Cascadilla Landing (in review, 134 units)

Stone Quarry Apartments (in review, 35 units)

Conifer Phase II (72 units, senior housing, site prep)

Purity Ice Cream Redevelopment (proposed, 13-26 units)

Hawk’s Nest at Springwood (proposed, 50 units)

Cinema Drive (proposed, Lansing village south of 13, 39 units)

Lansing Reserve (proposed, on the north edge of what the Danter study calls “Ithaca” proper; 65 units)

College Crossings (U/C, 2 units)

So in the Ithaca area proper, in a span from 2011-2016, I’m estimating at least 1,415 units in 20 projects. This assumes the townhomes with the Vine Street Cottages and Holochuck Homes projects are not rentals (and not included in this tally), excludes the several hundred units of housing planned in the town of Lansing (town center, Village Solars, etc.). Also, Ithaca Gun and its 45 units are not being included until that project leaves limbo.

So to answer Steve’s question- Ithaca is running well above average, and is on a pace not seen since the 1970s. Quite the uptick indeed.

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