• LEED certified housing • Living Wage Employer
• New facades incorporate community feedback, including variation of building heights and more high-end materials.
• Use of local/union jobs • 232 units of housing that are in limited supply • $7.55 million of tax generated in the first 10 years during abatement, and $1.6 million per year after that for perpetuity • Parking plan utilizing the Cayuga Garage and off-site parking, as well as car-free living options • The floor plans allow for a diverse group of residents — approximately 60% of the project’s units are either efficiency, one-, or two-bedroom units.
• 582 residents will live, work, and be entertained downtown, contributing to the local economy. • The project will generate $145.4 million in local income over 10 years and support 830 local jobs during the construction, as well as 221 jobs beyond construction. • Transit-oriented development utilizing existing public transportation infrastructure and underutilized public garages
110 Wild Basin Road Suite 365, Austin, TX 78746 | (512) 472-6222 | ithacatriangleproject.com
• The State Street Triangle Project is a $74.6 million, 232-unit housing development proposed for downtown Ithaca on the corner of East State/Martin Luther King Jr. and Aurora Streets. • The apartment community is targeting residents who desire to live downtown, including college students and working professionals, as well as others who want hassle-free living in a community setting. • 582 residents will occupy the building. • The property will consist of 232 units with studio, one-, two-, three-, four-, and five-bedroom floor plans. • On-site amenities will include ground floor retail and restaurant space, a fitness center, resident lounges, computer labs, an outdoor courtyard, and 10th story viewing deck. • Building materials will be high end, including a brick facade, as well as historic and contemporary details. • The units will have high-end features, including granite countertops, stainless steel kitchen appliances, and in-unit washers and dryers. • Units rent will include water/sewer, cable, Internet, and furniture, as well as unlimited use of all the amenities. Additionally, units with multiple bedrooms will be rented on an individual-lease liability, reducing liability among roommates.
110 Wild Basin Road Suite 365, Austin, TX 78746 | (512) 472-6222 | ithacatriangleproject.com
Estimated one-time local impacts (during construction): • $38.4 million in local income • $3.9 million in taxes and other revenue for local governments • 830 local jobs Estimated annual benefits (including residents participating in local economy): • $10.7 million in local income • $1.6 million in taxes and other revenue for local governments • 221 local jobs
• Community Investment Incentive Tax Abatement Program abatement allows projects to be developed in anticipation of future financial contributions to the city. • All Downtown Business District projects have received investment incentives, including the Marriott, Gateway, Canopy, Cary, and Harold’s Square. • Additional development helps to offset the nearly 60% of the assessment role being tax-exempt. • The project will generate $7.55 million in property taxes over the first 10 years, as compared to the in-place taxes generated of $700,000 over the same period.
• The project requires no variances and is zoned CBD 120. The project height varies from 86’ to 116’. • The City of Ithaca changed the property zoning to 120 feet in 2013 to be able to have projects that generate taxes and building permit revenues. • The Downtown Ithaca Alliance, the city, and the county have placed increased density among their top priorities in their respective comprehensive plans. • The project uses principles of incentive-based smart growth and urbanism — dense zoning with tall buildings in the core. • The project will contribute to the vibrant city, supporting a robust local economy — people living, staying, shopping, dining, and being entertained at local businesses where money recirculates in our economy. 232 units and 582 residents can generate a lot of spending. • Employment opportunities increase with density and building, both for construction and ongoing positions.
110 Wild Basin Road Suite 365, Austin, TX 78746 | (512) 472-6222 | ithacatriangleproject.com
• A 2006 housing study commissioned by the county performed by Economic & Policy Resources Inc. (EPR) found a total of 3,894 new housing units were needed by 2014; only 2,034 units were built during this time frame. • The housing vacancy rate of < 1% means supply is not meeting demand — driving up prices for housing and decreasing quality of housing. • The Triangle Project will provide 232 new units, or more than 12% of the current need. • Until we build enough units of housing of any type — market rate, high or low income housing — there will be no shift in the rental rates and quality of housing available to all residents.
110 Wild Basin Road Suite 365, Austin, TX 78746 | (512) 472-6222 | ithacatriangleproject.com
• The city is currently losing $1.6 million from the parking garages due to low occupancy and enforcement. This is a tax paid for by all Ithacans, regardless of their use of the parking garages. • City of Ithaca Parking Director Frank Nagy has determined there is adequate parking volume for existing and planned projects in current city garages, with an excess of over 700 spaces. • The most availability is in the Cayuga Garage, and the Triangle Project is entering into a marketing agreement with the Cayuga Garage to promote parking at that location. • According to a 2012 parking study performed by Upstate Research Group and utilized in the city’s recent reduction of required on-site parking for student housing in Collegetown, a mere 26.8% of the 326 surveyed had a vehicle. When on-site parking was not provided by a landlord, only 16.7% had a vehicle. The project attempts to capitalize on the reduced auto ownership by not providing dedicated parking. A 16.7% vehicle ownership rate among our student residents, combined with a 40% ownership among our non-student residents, would contemplate a need for 198 parking spaces. We have asked the city to estimate capacity in the downtown garages based upon 250 cars from the project for a conservative calculation. • The building will have bike parking and will host a bike share and car share program. • The team is exploring off-site options for parking that allow for easy transit for infrequent car use at a reduced rate. • Cayuga Garage’s monthly rate is $63 per month versus $93 in the Seneca Garage, thus residents of the project are incentivized by $360 per year to utilize the Cayuga Garage. • National trend — young and old generations want to live in urban settings without personal vehicles. Mayor Svante even gave up his car and parking space to promote the use of public transportation. • The average cost to own a personal vehicle is over $8,800 per year (AAA, 2014), versus $200 to utilize TCAT annually by the student population. • The ability to use mass transit, bikes, car shares, and walk is unparalleled from downtown Ithaca. • The project’s WalkScore is 96/100, a walker’s paradise where use of a car is not required to run errands. The average in Ithaca is 65/100.
110 Wild Basin Road Suite 365, Austin, TX 78746 | (512) 472-6222 | ithacatriangleproject.com
• College students are currently living in our neighborhoods and occupying single-family homes. • Danter Study — 40% of Central Business District market rate apartments are occupied by students. • Campus Advantage will have 24/7 on-site staff. • CA has a zero tolerance policy on drugs, and information is included in the lease; parental guarantees are required for those without employment. • According to re:Fuel media, a college student’s discretionary income is approximately $7,600 per year, with an average of 47.8% of their spending on either food, clothing, or entertainment. Given the project’s proximity to the Commons, this represents an estimated annual spend of $1.56 million that could be captured.
• The Triangle Project will be LEED certified. • Environmentalism and urbanism go hand in hand. • Surveys have shown that when parking is not provided on site, car ownership rates are reduced by 50%. (34.0% versus 16.7% for residents of Collegetown.) • Car-free living reduces emissions.
• Context of the building in relation to others — seen by itself, the building seems large, but next to the Marriott, the Carey Building, the Hilton Canopy, Harold’s Square, and the Hotel Ithaca, it is in context. See renderings/animation. • Campus Advantage is working with local architects, STREAM Collaborative, to work on facade improvements, using historical and future perspectives in generating a new design. • The City of Ithaca and Campus Advantage are working together to create the best project. • The building will be built to last with quality materials and finishes.
110 Wild Basin Road Suite 365, Austin, TX 78746 | (512) 472-6222 | ithacatriangleproject.com
• Campus Advantage hired LeChase Construction as the contractors, at an increased cost, as they have a history in the area and use local and union labor. • The Triangle Project will create an estimated 400 construction jobs with approximately half, or 200, of those workers anticipated to be local/union labor. • Additional jobs will come in retail/restaurant and building positions. • Campus Advantage will be a Certified Living Wage Employer and will pay a living wage to its full-time employees.
• Campus Advantage has a tradition of giving back through community involvement and volunteerism. • Annually, we estimate more than 1,000 staff hours are dedicated to volunteerism at the company. • Campus Advantage has been named one of the Best Places to Work by The Austin Business Journal.
110 Wild Basin Road Suite 365, Austin, TX 78746 | (512) 472-6222 | ithacatriangleproject.com