1. Expanding on the Ithaca Times piece on increased tax revenue from construction in the city, the IJ has come out with its own piece. Here are your spark notes:
I. Of the 6.16% increase in the tax base (an extra $1.2 million in revenue), 53% is due to commercial property construction.
II. “Only” 59.2% of property is tax-exempt now. Of which 83.5% of that 59.2% is Cornell and its holdings.
III. Buildings permits are lagging forecast revenue a little ($631k vs. $700k expected), but some larger projects are only getting permits now, so it will probably balance itself out.
2. One more set of revisions for 323 Taughannock, pdf here. The differences compared to the previous revision are minor; the projecting “tower” on the southeast side has seen its windows tweaked, and the roof layout has been modified as well. This should be the last revision, since the project is up for final approval this month. The 20-unit residential waterfront project is set to begin in January, with a six-month build-out and $3.5 million price tag.
3. According to the IURA (Ithaca Urban Renewal Agency) meeting minutes, the city is very much interested in selling off a parcel it owns on Inlet Island, once it buys out the DEC’s property. Currently, 410-426 Taughannock Boulevard is used as a municipal parking lot. The 1.29 acre parcel was acquired for $1 by the city in May 2003. The parcel is assess for over $300k, and that’s not including an adjacent parcel also used for parking (416 Taughannock). This is a large waterfront zoned (WF-1) piece of land, where the zoning is for one or more buildings with of 3-5 stories and nearly unrestricted lot coverage. For a developer, that means that there’s a lot of possibilities here. This would hit the market in early 2016 at the earliest, after 323 Taughannock has been built. But if 323 is successful, then I think this parcel will be highly desirable and any development on its land could potentially be quite large. Along with the DOT site up by the Farmer’s Market, and Ithaca could have quite the developed waterfront at the end of the decade.
4. Since approval in late summer of 2013, all has been quiet on the wooded and hilly site of 130 East Clinton. Frankly, given that it’s a Jason Fane project and he doesn’t usually dawdle (having significant resources allows him to secure construction loans with relative ease) I was surprised, and in private, this was a topic of debate. Well, now we know. He’s seeking tax abatements for his 36-unit market-rate project through the city’s CIITAP incentive program. As previously briefed on the Voice, CIITAP is a program that allows an abatement on a portion of property taxes for up to 7 years. The parcel needs to be in a targeted urban area, 3 stories, and receive at least $500,000 in developer investment (130 East Clinton’s projected cost is $4.5 million). The city’s meeting is the 18th, and if the city endorses the project, then chances are good the county IDA will grant the abatements.
Fane’s probably the least-liked developer in town due to his colorful local history (this would also explain why I had hits to the blog the other day with the search phrase “fane like mr. potter”), but there’s no compelling reason to deny his CIITAP application. He meets the program requirements, and for Fane, this is all about the money and taking advantage of an opportunity. Presumably, if the tax breaks are approved, we could see this one begin excavation and site prep before year’s end.
5. Another revision – this one the “Hampton Boutique Hotel” formerly known as the Hampton Inn downtown. A large number of major changes here – a floor has been added (bringing it to 123 rooms, 74,200 sq ft, 7 stories and 92 feet from ground to the mechanical penthouse roof), the external materials and the window layouts have been altered substantially, and of course, it’s no longer being proposed an a Hampton Inn (for comparison’s sake, the previous design is here). About the only thing that’s the same is the footprint. Part of these changes are likely the result of the Carey Building addition planned next door – the blank wall shown below faces the Carey’s rear side.
6. A lot more info about the Chain Works District proposal. For one, it will be in four phases. The first phase will consist of the redevelopment of 4 buildings on site – 21, 24, 33 and 34, which combined will create 343,510 sq ft of space, of which 18,520 sq ft will be new. Phase one is planned as office/mixed-use (21/24) and manufacturing space (33/34). New roads and parking lots will also be developed. Phase 2 will be renovations and selected demolition of the rest of the complex, and 3 and 4 will be brand new building on the factory’s 95-acre land. There’s no rush, phase 4 won’t be completed until about 2030.
5. Next week is going to be a fun week for this blog. Why, you ask? Well we’re going to have two new projects at the Planning Board meeting that will be presenting their sketch plans -
The first is 114 Catherine Street in Collegetown. Currently, 114 Catherine, also known as the “Mission Apartments”, is a 5-unit apartment building last renovated in 1985, assessed at about $590k, and owned by Lambrou Real Estate. 114 Catherine is in a CR-4 zone per the new form guidelines, which allows for a 2-4 floor all-residential building with no off-street parking required. At about 0.27 acres, 114 Catherine is fairly large as Collegetown lots go (much of the current site is used for parking), and given the Lambrous’s multiple building Collegetown Park Development that abuts the property to the north, whatever gets proposed here is a likely continuation. Expect another Sharma Architecture design, as Jagat et al. have been the Lambrous’ go-to architects for the past couple decades.
The second is…”Gun Hill Housing Project”…be still my beating heart. I’m cautiously optimistic that Travis Hyde Properties might finally, finally have achieved enough environmental rehabilitation of the once-toxic factory site that construction is now feasible. Fingers crossed, because this has been a huge pockmark on the city since the factory closed in 1986 (and demolished in 2008), has been in development hell for years, and redevelopment would really be a feather in the community’s cap. The last I heard, it would be about 45-50 units of non-student oriented condos, and most likely a HOLT Architects design (HOLT being a popular choice for Travis Hyde). I’m sure local environmental activist Walter Hang will be going over the project details with a fine-toothed comb, but like I said, fingers crossed.