City of Ithaca News

Posted on: November 28, 2017

Mixed-Use Redevelopment Opportunity in Downtown Ithaca

The Ithaca Urban Renewal Agency (IURA) seeks a qualified partner to redevelop the Green Street Parking Garage site for a project that increases housing choices and retains sufficient parking to meet current parking utilization, as well as additional parking demand created by the project. Other preferred uses include ground-level active uses on Green Street and a conference center. The project must retain the existing 5-screen cinema and pedestrian connection between Green Street and The Commons.

The IURA is authorized to negotiate the property sales price and the development program, subject to final City of Ithaca Common Council approval. The IURA seeks fair market value for the property, but expects deductions in consideration of community benefits provided by the project (e.g., below-market housing; reconstruction of public parking at developer’s expense).

The City is facing a housing crisis driven by supply not meeting demand, especially for low- and moderate-income households. The Tompkins County Housing Strategy targets the need to construct 5,800 workforce housing units over the next 10 years for households earning 100% or less of Area Median Income (AMI). In addition, gaps in the supply of housing also exist for supportive housing, senior housing, and purpose-built student housing, though student housing is not the focus for this opportunity.

The location of the project is in the heart of Ithaca’s downtown, just one-half block off The Commons, ideal for walkability and transit with convenient dining, shopping, entertainment, banking, and other services.

This Request for Proposals (RFP) is intended to identify and engage a developer or development team to undertake the planning, financing, marketing, and development of the site as an urban renewal project, subject to City of Ithaca Common Council approval. The selected developer(s) will demonstrate their knowledge and capacity to successfully design, entitle, finance, build, and operate a mixed-use project. Developers will be asked to submit a development program and project concept, project budget, preliminary design, financing plan, and financial pro forma, offering incentives and any specific demands, resources, or actions from the IURA or City.

Nels Bohn, Director of Community Development
Ithaca Urban Renewal Agency
108 E. Green St.
Ithaca, NY 14850
(607) 274-6565

Find more information here.
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