Making Room(s) at Collegetown Terrace

21 02 2014

7-26-2013 018

Here’s an interesting concept coming out of Collegetown Terrace: A proposal to exchange some of the interior parking for more housing. This info comes courtesy of the city of Ithaca, which will have to grant a zoning variance in order to let such a change proceed.

The last phase of Collegetown Terrace (phase III)  is slated to begin later this year, with construction complete by summer 2015. Phase III is supposed to focus on the construction on the last building, #7 (formally known as 120 Valentine Place), a long, curving building very similar to  the currently underway #5. The whole complex as-is provides 1177 bedrooms and 699 parking spaces (5 more than legally required). However, the developer (Novarr-Mackesey) has noted that only about 50% of tenants utilize parking, which means about 100 will go unused (guest parking tends to only make up a very small % of lot use). They have put forth a rather unusual proposal where the second floor of parking for building 7 would instead be 80 units of dorm-style housing: all tenants get their own bed and bath, but share kitchens and community spaces. After reconfiguring some two-bedrooms to three-bedrooms, the net gain of units is 69 (from 178 to 247 in Bldg. 7).  The current buildings, #5 (112 Valentine, 167 units) and #6 (113 Valentine, 71 units) would be unchanged. Zoning calls for 703 parking spaces in the new setup, the develop wants to put in only 652, which they claim it would still result in 50 underused spaces. So here we are. I know even the regulated 9 additional spaces for 80 more units seems a little unbalanced, but the unit reconfiguration and the small square footage of those “dorms” allow it to be so. Changes to the exterior are expected to be minimal.

At a glance, this is a nifty idea – the dorm units are expected to rent for about 50-67% the cost of a typical studio or one-bedroom in the complex (which looks to be around $1000, so $500-$670 for these). Since Collegetown Terrace mostly appeals to wealthier echelons, this sort-of mixed-income aspect is appealing, and it gives a different group of landlords increased competition for tenants; also, it makes for a denser parcel, and does a favor to those seeking to buoy business in Collegetown, and avoid more home-to-rental conversions. However, I doubt the neighbors will be amused (some are not fans of having so many college students gathered in one complex), and the parking discussion (which so far is based only off “experience”) will be reviewed with a figurative magnifying glass. I feel like this project could be a major test-bed of the city’s evolving views on parking requirements.

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4 responses

27 02 2014
Ann Sullivan

Let us talk about the finances. 80x $500 x 10 = $400,000 (rent). 50x 1000 = $50,000 (parking). No wonder the landlord wants to offload his parking obligations.

27 02 2014
B. C.

Oh, I don’t doubt Novarr-Mackesey is doing it solely to pad their revenues. But if someone (third-party) can verify that parking use isn’t anywhere near capacity, why have parking that’s not being used?

4 03 2014
Ann Sullivan

Good point. Just thought I would point out that profits — not altruism — is guiding the plan.

11 04 2014
The Keyword Bar XXI | Ithacating in Cornell Heights

[…] than I, but as far as I’m aware, there’s been no indication of construction issues. Perhaps the parking isn’t being utilized as much as they thought it would, but that has more to do with planning than […]

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