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It would be nice, but Jason Fane doesn't have any property in Syracuse, and has pretty low opinions of upstate cities in general. His real estate holdings are focused on Ithaca (where he started in the 1970s), Toronto (where there's a huge condo boom), and NYC. He'll get something on the 330 College site, but it'll only be 6-7 floors by my guess.
Yeah, Ithaca is a downstate favorite thanks to Cornell and the Finger Lakes' amenities. I think part of the reason why Collegetown Terrace was proposed where it was is that it was outside the Collegetown zoning area, which was in flux from about 2006-2014 (the zoning was only settled in March). Novarr already owned the Casa Roma and Boiler Works Apartments on that site, and seized the opportunity. The project looks very different from when it was first proposed, though, due to heavy city input during the process.
Recently, the developer of Collegetown Terrace noted that the parking was less utilized than expected, so Novarr-Mackesey is seeking a zoning variance to get rid of one floor of a parking garage and add about 80 units of dorm-style housing in its place, in the last building to be built. The dorm-style housing is meant to hit a less affluent student market segment- they share kitchens and bathrooms, but rent will be 30-50% less than other units in the complex.
With the zoning issue settled, it really is quite an impressive growth spurt. The Collegetown neighborhood is set to add over 500 bedrooms in the next few years.
Is this going to be strictly for students or will there be a mix of housing for faculty and staff that may want to live in the area?
Well this proposal for the Collegetown neighborhood in Ithaca has made quite a splash. Maybe there is a chance of it becoming a reality. (from the Ithaca Times):
Well this proposal for the Collegetown neighborhood in Ithaca has made quite a splash. Maybe there is a chance of it becoming a reality. (from the Ithaca Times):
If this does go through, could this shift some of the vibrancy on the Commons/Downtown to the Collegetown area? I ask, because I wonder if that is an aspect that the board is afraid of.
If this does go through, could this shift some of the vibrancy on the Commons/Downtown to the Collegetown area? I ask, because I wonder if that is an aspect that the board is afraid of.
I don't believe it would have much affect on the Commons. I think the board is concerned because the height limit issue for Collegetown was quite passionate. Some folks (full-time residents) just don't want to see more people(students) in the neighborhood.
On a better note, there has been some progress for the Cayuga Place Residences downtown:
I don't believe it would have much affect on the Commons. I think the board is concerned because the height limit issue for Collegetown was quite passionate. Some folks (full-time residents) just don't want to see more people(students) in the neighborhood.
On a better note, there has been some progress for the Cayuga Place Residences downtown:
If by professionals you mean doctors & lawyers & such, I don't believe that will work. The two main issues would be parking for clients/patients which is extremely tight in Collegetown, and office space rental rates (I'm sure they would be ungodly high since the property in Collegetown is the most expensive in the city). If the students were to be the main users of such service, the professionals would starve during the summer break.
As far as Cayuga Place goes, I don't recall seeing a construction schedule or completion date. I'll try to find out, but can't make any promises.
If by professionals you mean doctors & lawyers & such, I don't believe that will work. The two main issues would be parking for clients/patients which is extremely tight in Collegetown, and office space rental rates (I'm sure they would be ungodly high since the property in Collegetown is the most expensive in the city). If the students were to be the main users of such service, the professionals would starve during the summer break.
As far as Cayuga Place goes, I don't recall seeing a construction schedule or completion date. I'll try to find out, but can't make any promises.
No biggie. I was just curious and keep up the good work, as usual.
Is this going to be strictly for students or will there be a mix of housing for faculty and staff that may want to live in the area?
How did Fane get started in Ithaca, by the way?
Sorry this response is so late, I don't check this site too often . Collegetown has been primarily a student market for about a century, and poses unique pros and cons. Some weekends, it's as busy as Manhattan. Outside the academic year, it can nearly be a ghost town. In theory, non-students could rent there, but the high cost of rent means generally means that one needs a compelling reason to be there - namely, proximity to Cornell. Faculty and staff prefer quieter and/or cheaper areas, usually with single-family homes - Cornell Heights is a mix of students and staff, with smaller student numbers in Fall Creek, Cayuga Heights and East Ithaca. Fane estimated 250 to 300 occupants for his building proposal, and I imagine >95% would be students.
Ithaca College has housing on campus for the vast majority of its students, so there's little overflow, except for the area of South Hill around Coddington Road.
Fane's been in the Ithaca market since the late 1960s. He completed a Harvard MBA in 1967. it looks like he was a Cornell grad student in the late 1960s. Using this interview and issuing a conjecture disclaimer, my guess is that he started a graduate degree at Cornell (to go with his MIT BS and Harvard MBA), but saw the area as a potential opportunity, discontinuing the degree to focus on his business. But he didn't care too much for upstate, and moved to Toronto in 1971. His family has had a hand in the NYC market since he was a kid, and I doubt he's lived there in 50 years.
EDIT: Cayuga Place - I think a completion date in summer 2015 is planned.
Last edited by vicarian; 08-22-2014 at 09:51 AM..
Reason: details, details
Sorry this response is so late, I don't check this site too often . Collegetown has been primarily a student market for about a century, and poses unique pros and cons. Some weekends, it's as busy as Manhattan. Outside the academic year, it can nearly be a ghost town. In theory, non-students could rent there, but the high cost of rent means generally means that one needs a compelling reason to be there - namely, proximity to Cornell. Faculty and staff prefer quieter and/or cheaper areas, usually with single-family homes - Cornell Heights is a mix of students and staff, with smaller student numbers in Fall Creek, Cayuga Heights and East Ithaca. Fane estimated 250 to 300 occupants for his building proposal, and I imagine >95% would be students.
Ithaca College has housing on campus for the vast majority of its students, so there's little overflow, except for the area of South Hill around Coddington Road.
Fane's been in the Ithaca market since the late 1960s. He completed a Harvard MBA in 1967. it looks like he was a Cornell grad student in the late 1960s. Using this interview and issuing a conjecture disclaimer, my guess is that he started a graduate degree at Cornell (to go with his MIT BS and Harvard MBA), but saw the area as a potential opportunity, discontinuing the degree to focus on his business. But he didn't care too much for upstate, and moved to Toronto in 1971. His family has had a hand in the NYC market since he was a kid, and I doubt he's lived there in 50 years.
EDIT: Cayuga Place - I think a completion date in summer 2015 is planned.
Thanks for the very interesting information. It appears that his time in the area and the current growth msy have something to do with this project.
Could South Hill see similar development in the future or does the different character of that neighborhood keep it from being a possibility?
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(from the Ithaca Times):
. Collegetown has been primarily a student market for about a century, and poses unique pros and cons. Some weekends, it's as busy as Manhattan. Outside the academic year, it can nearly be a ghost town. In theory, non-students could rent there, but the high cost of rent means generally means that one needs a compelling reason to be there - namely, proximity to Cornell. Faculty and staff prefer quieter and/or cheaper areas, usually with single-family homes - Cornell Heights is a mix of students and staff, with smaller student numbers in Fall Creek, Cayuga Heights and East Ithaca. Fane estimated 250 to 300 occupants for his building proposal, and I imagine >95% would be students.
