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Old Posted Aug 1, 2012, 1:39 AM
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This project is down-sizing, I'm not sure they can find financing (from the Ithaca Journal):

Approval sought for new Ithaca apartments

9:42 PM, Jul. 17, 2012

Written by
Andrew Casler


ITHACA — Two major building projects on Cayuga Street are nearing approval after a meeting with the City of Ithaca Project Review Committee.

After some major layout changes, the Cayuga Place Residences project — named Cayuga Green Two as well — is nearing final city authorization. Also, an expansion of the Holiday Inn on Cayuga Street is nearing approval by the City of Ithaca Planning Board.

During a Tuesday morning meeting with the project review committee, the developer of the $6 million Cayuga Place Residences requested significant modifications.

The building is planned for a site behind the Tompkins County Public Library and Cayuga Street garage.

A site plan for the project was approved in 2008, but the new plan calls for an increase in the number of units to 39 from 30, reduction in gross floor area from 47,400 to 42,600 square feet, reduction in stories to four from seven, a change from conventional to loft-style apartments, among other significant changes.

Ken Schon, co-owner of Bloomfield/Schon and Partners, said the estimated project cost is $200 a square foot to build.

“The market has dropped so significantly, from maybe $250 a square foot to maybe $150 to $200 a square foot; it’s going to cost us $200 a square foot to build this,” Schon said.

Under Schon's estimate, the 42,600 square foot project would cost $8,520,000.

The building’s footprint shape is changed from the 2008 design. Removed from the original plan are previously approved balconies and a rooftop terrace, exterior patio, and a reduction in the number of new trees from 40 to 11 and removal of all landscaping on library property.

The new plan also changes building materials from wood panel to pre-cast concrete panels, increases lawn area and swapping a stone wall with hedge plantings.

The apartments will have high ceilings, and lofts overlooking the main apartments.

Schon said there are two ways to create the upscale housing his company sought. One way was using upscale, luxurious materials, and the second is spacial interior architecture.

“Since we’re hopelessly architects, we decided to go with the architecture,” he said.

In the proposed building, there are apartments that are studio-like, with a loft; one-bedrooms with a loft; and two-bedroom, two-bath units, with a loft, according to Schon.

The apartments will be high-end luxury apartments, according to City of Ithaca Planning Department Director JoAnn Cornish.

Schon said the housing isn’t a good fit for undergraduate students. “Our living rooms and dining rooms and bedrooms are way too big for them, and it just doesn’t fit. So, we’ve had maybe one or two undergraduate tenants, and we tried to encourage them to leave as quickly as possible,” he said.

“We don’t like undergraduates at all. It’s not a good fit; this is not designed at all for student housing.”


Here's the link:
http://www.theithacajournal.com/apps...=2012307170040


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