Asteri Ithaca affordable-housing development and conference center formally opens

ITHACA, N.Y. — A new $96 million affordable-housing development and conference center in downtown Ithaca is complete, Gov. Kathy Hochul announced. Lt. Gov. Antonio Delgado attended a ribbon-cutting ceremony for the building on Aug. 12. Asteri Ithaca, developed by the Vecino Group, is a 12-story, all-electric structure at 166-118 East Green St., with 181 apartments, including 40 units with on-site support services for people struggling with homelessness. The 55,000-square-foot Ithaca Downtown Conference Center includes bookable function space including an executive board room, grand ballroom, breakout rooms, pre-function space, and a full production kitchen. “Asteri Ithaca is a transformative development that combines quality affordable, sustainable, and supportive apartments for those who need them the most, with a state-of-the-art conference center that will energize and elevate the entire city,” Hochul said in the announcement. “This mixed-use development was carefully planned as a live, work, play destination that promotes economic growth and addresses a critical need for housing. It is a shining example of our commitment to investing in projects that strengthen communities and change lives.” The residential portion of Asteri Ithaca comprises the top nine floors of the building includes 78 studio apartments, 87 one-bedroom units, eight two-bedroom units, and eight three-bedroom units with rents considered affordable to households earning up to 80 percent of the area’s median income. Residents receive free internet service with each unit hardwired for 5G access. Other amenities include a top-floor sky terrace, outdoor space, a fitness center, and a community room. Each floor has a laundry room and there is bike storage on the ground floor. The Green Street Parking Garage includes 350 parking spaces for building tenants to lease. Apartments have low-flow plumbing fixtures along with Energy Star-rated windows and appliances. The building meets the Environmental Protection Agency’s Energy Star Multi-Family High-Rise Programs standards, as well as the New York State Energy Research and Development Authority’s (NYSERDA) New Construction Housing Program standards. State and federal funding for the residential portion of the project includes $11 million in permanent tax-exempt bonds, federal Low-Income Housing Tax Credits that will generate $36.3 million in equity, and $19.8 million in subsidy from New York State Homes and Community Renewal. NYSERDA’s New Construction Housing Program provided more than $650,000 in funding. Tompkins Community Action, Inc., received an Empire State Supportive Housing Initiative grant for the supportive apartments. The state’s Office of Temporary and Disability Assistance will administer it. Support services are designed to promote self-sufficiency in areas including life skills, financial literacy, job preparation, skill building, and family reunification. The conference center is expected to host more than 50,000 attendees and spur $50 million in new visitor spending, along with millions in state and local taxes, over the next 20 years. It anticipates drawing in 6,500 new visitors, resulting in more than 3,300 room nights. The center is hosting the finals event for the Grow-NY food, beverage, and agribusiness competition this fall. Empire State Development provided a capital grant of up to $5 million for the $34 million conference center. U.S. Senators Charles Schumer and Kirsten Gillibrand say they helped deliver $2 million in federal funding under an omnibus funding package for fiscal year 2022. The City of Ithaca, Tompkins County Tourism Program, the Tompkins County Industrial Development Agency, the Downtown Ithaca Alliance, and four hotels — Ithaca Marriott on the Commons, the Canopy Hotel, Hilton Garden Inn, and Hotel Ithaca — via the Tompkins Chamber Foundation provided financial support for the conference center and renovation of the remaining portion of the parking garage. “We are proud to celebrate the completion of Asteri Ithaca and the Ithaca Downtown Conference Center,” Ithaca Mayor Robert Cantelmo said. “This unique partnership brings affordable housing to the heart of our community, highlighting our city’s deep commitment to equity and inclusion. This project is anchored by North America’s first all-electric conference center, a testament to this community’s investment in a green, sustainable, and welcoming future.”